Indian Sponge iron export offers to Bangladesh is more or less firm as against price assessment during last week. The prices are firm in line with strengthening Rupee against US dollar and slight fluctuation in domestic prices.
The Indian rupee recovered by 86 paise in a week and is trading at 71.4 as against last week at 72.3 compared with a US dollar.
As per suppliers in Eastern India (Jharkhand & Odisha), routine deals are taking place, however major buyers yet to place orders.
The latest offers for Indian origin sponge iron FeM 78-80 reported at USD 345/MT CPT Benapole (dry port of India & Bangladesh) & USD 365/MT CFR Chittagong, Bangladesh. The prices are firm now as compared to the price assessment in the beginning of previous week.
However the imported scrap offers to Bangladesh reported drop by about USD 10/MT and stood for containerized Shredded grade at around USD 365-368/MT as against SteelMint’s last week assessment at USD 375-378/MT, CFR Chittagong, Bangladesh.
Further, the local rebar prices in Bangladesh assessed unchanged on weekly comparison. Meanwhile participants believed that domestic rebar demand will pick and prices to find support post the elections.
As per assessment, currently the local rebar prices in Dhaka, Bangladesh of mid size mills is hovering around BDT 57,000-58,000/MT (USD 690-696) for 500W & through the large scale manufacturers at around BDT 65,000-66,000/MT (USD 780-792). The prices for 8 to 32 mm rebar, ex-works & including local taxes.
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