Indian sponge iron export prices to Bangladesh have come down by USD 5/MT W-o-W. Recently Bangladesh based mills are reported to have booked about 2,000-3,000 MT, SteelMint learned from its reliable sources.
The deals have been reported via sea route rather than the dry port (via road delivery) as previous orders are still stuck at the dry port (Benapole) due to closure of borders on COVID-19 fears.
The recent export deals for Indian sponge iron (80 FeM, 100% lumps) reported at near to USD 268-270/MT as against SteelMint’s last assessment on 21st Mar’20 at around USD 275/MT CFR Chittagong, Bangladesh.
Sources added that few steel mills in Bangladesh are operational who used to deal in projects, however retail segments plants are more or less closed. Thus, the buying inquiries for sponge iron is limited due to ongoing lockdown in the country.
With nearly 10,000 MT sponge iron stuck at Benapole border, Sponge Iron Manufacturers Association (SIMA) has requested Indian Deptt of Commerce to take immediate action for release of trucks to Bangladesh at Benapole.
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