Indian sponge iron export prices gained by $15-20/t this week due to the strengthening currency, which rose almost 1.6%, w-o-w, and is currently hovering at INR 73 against the US dollar. The major mills in Bangladesh remain out of the market due to the low cost of imported scrap along with sufficient availability of sponge iron. Hence no fresh deals were reported this week at current offers of $460-465/t CPT Benapole, equivalent to $495-500/t CFR Chittagong. A few bids have been reported at around $20/t lower than prevailing offers. Suppliers are hoping that Indian sponge iron prices will inch down on softening raw materials prices and limited bookings.
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