Indian sponge iron export offers increase further by USD 5/MT (W-o-W) following surge in domestic offers and buying interest from Bangladesh based smelters.
Notably, Indian domestic sponge offers increase almost by INR 500/MT (USD 8), W-o-W.
SteelMint’s current week price assessment for 80 FeM sponge lumps are at around USD 325/MT CPT Benapole (land port of Bangladesh and India) against last week at USD 320/MT.
Imported scrap offers remain on higher end and currently hovering at USD 360-365/MT for shredded, 340-345/MT for HMS and USD 370/MT for PnS, CFR Chittagong (Bangladesh) basis.
SteelMint learnt from market sources that small deals for sponge exports continue from India’s East region majorly from Odisha, West Bengal & Jharkhand.
Indian Sponge Iron Exports Increase in H1 2017
Indian sponge iron exports have registered a sharp growth in H1 2017 (Jan-Jun 2017) against same preceding last year, as per the data maintained by SteelMint statistics.
The Statistics showed total exports for Sponge iron stood at 250,000 MT, surged by 78% against 140,000 MT in the H1 2016. While, in the H2 (Jan-Jun) of CY 2016, exports were recorded at 170,000 MT.
India’s monthly exports for sponge iron is almost firm in June 2017, which were at 30,000 MT. These levels are similar to April and March levels.
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