SteelMint’s benchmark sponge iron export price increased this week by $10/t in recent deals of about 15,000 t to Bangladesh. The deals have been recorded at $380-385/t CPT Benapole (equivalent to $395-400/t CFR Chittagong, Bangladesh). Significant surge in global scrap prices along with tightening sponge prices in Indian domestic market have resulted in further hike in sponge iron export prices. Sources believe that prices may remain strong on the back of strengthening raw materials & substitute products prices.
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