South African RB3 (4800 NAR) offers have fallen to $135/t FOB, down by 44% m-o-m ($107/t) amid limited buying interest from Indian sponge iron manufacturers. Portside offers for the grade are at INR 14,500-15,000/t at Vizag Port, while bids largely remained on the lower side. With a sharp hike in export duty on steel, buying from the sponge iron sector has turned weak.
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