India: Sponge iron export offers drop on minimal buying interest

Indian sponge iron prices continue to remain under pressure, having decreased sharply of late for domestic as well global buyers. SteelMint’s benchmark price assessment for sponge iron exports (FeM 80%, 100% lump) has moved down by $25/t on week to $450/t CPT Benapole, equivalent to $475-480/t CFR Chittagong, Bangladesh. As per suppliers, weak demand, improvement in supply and a steady drop in raw materials prices have kept buyers away from taking price positions. As a result, no major fresh deals were reported for exports this week. As per SteelMint assessment, sponge iron offers in eastern India have fallen by INR 900-1,700/t ($12-23), w-o-w.