As per trade sources, the fresh deals for sponge iron exports at around USD 340/MT CPT Benapole (dry port of India & Bangladesh), which is down by USD 10/MT against SteelMint`s last assessment at USD 350MT, CPT.

On CFR basis the latest price are at around USD 360/MT as against last assessment of USD 370/MT, CFR Chittagong (Bangladesh).
As per participants, the offers dipped in line with limited inquiries from Bangladesh, slight fall in Indian domestic prices & depreciation of Indian rupee. Indian Rupee is currently trending close to 20 month low at 68.76 against the US dollar, the same levels was last seen in Nov 2016.

As per a exporter in East India - Kolkata "about 3,000-4,000 MT sponge iron have been booked by a Bangladesh based big mill at the price of USD 340/MT CPT Benapole which is equivalent to USD 360/MT CFR Chittagong.

Prices may fall further further if demands remain poor for exports & domestic as well" he added.

Indian Sponge iron prices Fall Slightly on declining billet prices

 In current week, Sponge iron prices in Eastern India declined by around INR 100-300/MT (upto USD 4) due to sharp fall in billet prices over seasonal slowdown.
The latest prices for Sponge iron lumps, FeM 78-80 (export grade) hovering at INR 21,200-21,400/MT ex-Odisha/Jharkhand & INR 22,100-22,300/MT ex-Durgapur, East India.