Sponge iron export deals have been concluded from eastern India with slight fall in prices by USD 5/MT, as per exporters. The export prices corrected due to sharp fall in Indian domestic sponge prices by about INR 1,000/MT (USD 14) in Durgapur & INR 500/MT (USD 7) in Jharkhand & Odisha, eastern India.
Out of total sponge iron exports from India near about 80-90% is being sold through the eastern region based mills and remaining is from south & western parts of the country.
The latest export offers through the Odisha & Jharkhand based mills assessed at USD 325-330/MT CPT Benapole (dry port of India & Bangladesh) & USD 345-350/MT CFR Chittagong, Bangladesh. However the offers during beginning of week hovers at USD 330-335/MT CPT & USD 350-355/MT CFR Chittagong.
As per exporters, near about 2,000 MT sponge iron sold at an average price of USD 327-328/MT on CPT Benapole basis.
Statistics
India’s sponge iron exports increased by 55.7% M-o-M in Oct’18, as per recent released data by Indian custom.
As per data maintained with SteelMint, India exported about 60,707 MT sponge iron during Oct’18 as compared with 38,973 MT in Sep’18, gain by 55.7% M-o-M.
Further in the first 10-months of current year it being raised by 37% and stood at 534,483 MT in Jan-Oct’18 than the same period last year (Jan-Oct’18) at 390,115 MT.
It seems India’s sponge iron export to significant grew due to rising melting capacities in neighbouring nation’s i.e. Bangladesh & Nepal. Bangladesh contributes close 50-55% in the total sponge iron exports from India.
Leave a Reply