- Nepal sees selective bookings on lower offers
- Enquiries from Bangladesh remain subdued
India’s sponge iron export market remained under pressure in the week ended 26 June 2026, tracking persistent weakness in global direct reduced iron (DRI) demand. As per BigMint’s weekly assessment, export offers to Nepal declined by $4/t w-o-w to $300/t CPT Raxaul, while offers to Bangladesh fell by $7/t to $305/t CPT Benapole.
The decline in export offers was influenced by weak overseas demand and recent price corrections in the domestic market, prompting Indian suppliers to offer more competitive prices to stimulate buying interest.
Despite the softer pricing environment, buying activity remained selective. Approximately 7,500 t of sponge iron were booked, comprising 6,000 t of pellet-based sponge iron and 1,500 t of CDRI mixed sponge iron, with the entire volume destined for Nepal. Market participants attributed the improved Nepal bookings to lower offers and pre-monsoon restocking ahead of seasonal logistics disruptions.
In contrast, enquiries from Bangladesh remained muted throughout the week. Market participants cited cautious buying sentiment, adequate inventories, and weak downstream steel demand as the key factors limiting procurement despite lower export offers.
Outlook
Indian sponge iron export offers are expected to remain under pressure in the near term unless demand from Bangladesh revives. Meanwhile, Nepal is likely to continue witnessing selective buying ahead of the monsoon season.
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