Indian sponge iron export offers firm at around USD 335/MT although trade activities remain low
Indian Sponge iron export offers to Bangladesh remain firm. The latest offers for coal based Sponge iron lumps of grade 82 FeM are at USD 335/MT CPT Benapole (land port of Bangladesh and India) and around USD 345-350/MT CFR Chittagong, Bangladesh, according to SteelMint’s weekly price assessment.These prices are in line with last week’s prices.
The manufacturers in East India reported, small deals were concluded at USD 335/MT, CPT Benapole.
Markets were expecting prices may go up after weight restrictions imposed by Bangladesh Roads and Highways Department (BRHD), last week. But local sources mention that, it will be tough for government to get it implemented.
Recently, Bangladesh Roads and Highways Department (BRHD) had imposed weight restriction on gross vehicle weight (GVW) to be 40 MT. This means a container (20ft or 40ft) can carry material maximum 22-23 MT which was earlier used to 26-28 MT. Hence, logistic cost with the supplier may increase almost by 1.5%.
Imported scrap offers recorded at USD 365-370/MT (Shredded), USD 360/MT (PnS from Brazil) and HMS-1 (from Brazil) at USD 345-350/MT CFR Chittagong. Buying interest remains low, mention importers.
Indian Sponge Iron Exports Increase 55% Y-o-Y
India’s sponge exports increase 54.45% in first 9 month’s of CY 2017. According to data maintained by SteelMint stats, India has exported about 340,000 MT Sponge iron during Jan-Sep 2017 against 220,000 MT during the same period last year.
During CY 2017 (Jan-Sep), Bangladesh (49.46%) remained the largest importer of Indian sponge iron followed by Nepal (11.89%), Thailand (9.47%), Indonesia (8.75%) and Kuwait (8.46%).
Leave a Reply