Indian sponge iron export offers have hit a two-month high following a rally in domestic prices. However, major buyers from Bangladesh are yet to show active interest due to the sharp surge in offers amidst sufficient availability, hoping that a price correction is overdue.
- Fresh export offers for sponge iron (FeM 80%, 100% lumps) have moved higher by $15/t w-o-w to $470-475/t CPT Benapole, equivalent to $500/t CFR Chittagong, Bangladesh. No major fresh deal by any Indian a supplier has been reported; however, following price correction buyers may resume purchases as bids are hovering around $15-20/t lower than prevailing offers.
- Offers for Nepal have been floated at $450/t exw-eastern India (loaded on to rake) for FeM 80%, 70:30 mix material.
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