SteelMint’s benchmark sponge iron (FeM 80%, 100% lump) export price assessment for neighbouring Bangladesh surged this week by $25-30/t due to a rally in the domestic market by INR 2,600/t ($35) w-o-w on higher iron ore prices. However, no fresh export deals were reported on revised offers, as per market participants. Current offers are hovering at $470/t, CPT Benapole, equivalent to $490/t, CFR Chittagong. Market participants are expecting demand to drop slightly due to a sharp surge in prices as there are sufficient stocks at steel mills in Bangladesh resulting from healthy orders placed in May’21.
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