Indian sponge iron export offers fall by $20/t w-o-w, on weak demand

SteelMint’s benchmark sponge iron export price dropped sharply this week by $20 due to declining domestic price on weaker demand. The current export offers stand at $380-385/t CPT Benapole (equivalent to $395-400/t CFR Chittagong). As per Kolkata based exporters, buying inquiries remained at a lower price by $10-15/t than the prevailing offers as buyers are looking for prices to fall further amidst sufficient availability & falling scrap offers to Turkey. Inline, Indian domestic sponge iron offers dropped by up to INR 1,000/t ($14), w-o-w.