IRON and STEEL
Depreciating Indian currency has also supported exports. Indian currency has hit record low of 73.77 against USD.
Indian Sponge iron export offers to Bangladesh fall by about USD 20-25/MT on weekly basis. The prices have moved down on declining Indian domestic prices.
As per exporters in Kolkata, East India, near about 8,000 MT sponge iron booked for exports in last couple of days at an average price of USD 353-355/MT CFR Chittagong. As per them, now a days buying interest is better owing to higher global scrap offers to Bangladesh.
Meanwhile after the price corrections, the latest export offers for FeM 78-80 Sponge iron stood at around USD 330-335/MT CPT (dry port of India & Bangladesh) & USD 350-355/MT CFR Chittagong, Bangladesh. Although the price assessment during last week was about USD 360-365/MT CPT & USD 380-385/MT CFR Chittagong, Bangladesh. The prices fall about USD 20-25/MT week-on-week.
As per assessment, sponge iron prices in eastern India, fell by INR 1,500-2,000/MT (USD 21-28) in last one week and the latest offers for domestic buyers stood at around INR 22,000-22,200/MT (USD 298-301) ex-mill.
The local steel demand in India not up to the mark, also as the supply of sponge iron has improved amid increased productions, the prices falling significantly.
The latest offers for imported containerise shredded scrap from UK is assessed at around USD 372-380/MT, CFR levels which have remained unchanged on weekly premises. Amid less buying interest at these levels, limited deals were reported.