Indian sponge iron export prices remain stable on active demand

SteelMint’s weekly benchmark sponge iron (80 FeM, 100% lumps) export price assessment remained stable as nearly 10,000 t deals were reported at $430-435/t CPT Benapole, equivalent to $445/t CFR Chittagong, Bangladesh. The export demand remained active due to higher offers & shortage of scrap at major mills. Also, a few lots of sponge mix grade (70:30) have been sold to Nepal at $380-385/t exw, Eastern India (equivalent to $410/t CPT Nepal). Sponge prices in Eastern India continue to remain volatile on account of higher raw material (Iron ore & Pellet) prices and subdued demand from domestic furnaces.