Demand for Indian sponge iron (FeM 80%, 100% lumps) from major buyer, Bangladesh, remains poor in the absence of fresh export deals this week despite a plunge in offers by $10/t to $430/t CPT Benapole, equivalent to $450/t CFR Chittagong. Major Bangladesh-based plants have sufficient stocks of sponge iron and bushelling scrap resulting in low demand for sponge imports, SteelMint notes.
- Fresh deals for two rakes (FeM 80%, 70% lumps and 30% fines) were reported to Nepal and the current offers for the same are hovering around $400-405/t loaded on to rake, exw-eastern India (equivalent to $425/t CPT Nepal).
- A Raigarh, central India-based plant is offering sponge P-DRI (produced through pellets) for exports to Nepal at $380/t loaded on to rake. However, no fresh deal was reported.
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