Indian sponge iron export prices up $5/t w-o-w in recent deals

Kolkata, Eastern India-based suppliers have reported improvement in demand of sponge iron as the major mills from Bangladesh have actively resumed purchases after a long gap. Fresh deals of about 8,000-10,000 t have been reported at $410-415/t CFR Chittagong. With these recent deals, SteelMint’s benchmark sponge iron export price assessment increased by $5/t, w-o-w. Increasing domestic sponge prices & strengthening Indian Rupee against the US Dollar are the key factors behind the rise in export prices. The Indian rupee is trading at 72.5 compared to 72.8 last week against the US dollar.