In line with slump in Indian domestic Sponge prices, the export offers being drop by USD 5/MT, as per SteelMint’s weekly assessment. However as per exporters demand is active through the major mills in Bangladesh.
SteelMint’s latest price assessment for exports of 78-80 FeM Sponge iron lumps stood at around USD 350/MT, down by USD 5/MT as against last week at close to USD 355/MT, CNF Chittagong, Bangladesh.
As per sponge iron exporters in eastern India, recent major deals concluded to the Chittagong based mills at near about USD 350/MT CNF. The demand is active in line with competitive/high prices of imported scrap. Hence major mills are actively participating for sponge iron procurement.
Imported scrap offers to Bangladesh during last week reported at close to USD 350-355/MT CNF Chittagong for shredded grade, US & Europe origin.
Indian Sponge iron Exports Increased by 43%
India’s Sponge iron exports to the Bangladesh increased by 43.5% Y-o-Y and recorded at 365,447 MT in CY18 as compared with 254,663 MT during CY17 (Jan-Dec).
In context to overall Indian sponge iron exports, it being enlarged by 22.22% Y-o-Y to 671,124 MT in CY18, in which exports to Bangladesh was near about of 55%.
Rising melting capacities in Bangladesh has improved demand for raw materials. The nation’s bulk scrap imports being increased and recorded at 1,077,024 MT in CY18 as against 1,019,744 MT during CY17, rise by 5.5% Y-o-Y, as per Vessel line up data maintained by SteelMint.
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