SteelMint’s sponge iron (FeM 80%, lumps 100%) export price assessment rose by $10/t to $435/t CPT Benapole, equivalent to $465/t CFR Chittagong. About 3,000 t of deals were confirmed this week, while demand continues to remain subuded. Prices rallied following a gain in domestic offers by upto INR 1,300/t ($17/t), w-o-w.
Sources are expecting rising sponge iron offers to result in limited export demand as scrap offers are softening globally.
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