Weak demand in both the domestic and export markets continued to pressure sponge iron suppliers to slash prices in order to carry on deals, given prevailing sluggish trends. In a recent update, about 5,000 t of sponge iron (FeM 80%, 100% lump) export deals were concluded at an average price of $440/t, CPT Benapole – equivalent to $465/t, CFR Chittagong, Bangladesh, a drop of $10/t against offers prevailing the previous week. Inline prices in the domestic market plunged by INR 1,000/t ($14), w-o-w. Sources are expecting Indian sponge iron prices to remain under pressure as furnaces in the domestic market are planning to curtail production from Jul’21 to maintain the supply-demand balance.
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