India: Sponge iron export offers fall on weak demand
SteelMint's weekly sponge iron (FeM 80%, 100% lump) export price assessment for Bangladesh dropped by $5/t on limited demand and low bids. Current offers hover at $475/t, CPT Benapole, equivalent to $495/t, CFR Chittagong. Buying remains weak as major Bangladeshi mills have sufficient stocks and are waiting for prices to drop. However, a leading Indian supplier claimed to have concluded a 3,000 t deal recently at $505/t, CFR Chittagong. Meanwhile, sources told SteelMint that a Raigarh-based plant in central India concluded a deal to Nepal for one rake of P-DRI (DRI produced from pellets) at $400/t, exw (loaded on to rake), last week.