India: Sponge iron export prices drop sharply w-o-w amid limited demand
India's sponge iron export offers witnessed a significant decline this week, as per BigMint's weekly assessment. Export offers to Nepal fell by $9/t w-o-w to $336/t CPT Raxaul, while offers to Bangladesh dropped by $10/t to $345/t CPT Benapole. Reduced buying interest resulted in sharp correction in prices weighs on market sentiment. Around 5,000 tonnes of sponge iron deals were concluded for both destinations.