On January 4, SteelOrbis reported Indian DRI (lumps 80 FeM) offers to Bangladesh up $5/mt week-over-week to $375-380/mt CFR Benapole port. Sources inform SteelOrbis that as imported shredded scrap offers have increased to Bangladesh, so have imported DRI. Shredded scrap offers are at $390-400/mt CFR Bangladesh at the moment. DRI offers (lumps 80 FeM) are presently at $385-390/mt CFR Benapole Port in Bangladesh. This range translates to an increase of $10/mt in the past week.
Additionally, sources inform SteelOrbis that JSW Steel has announced a price increase on its DRI offers in the Indian domestic market. The higher domestic list prices are perceived as also supporting the higher export offers to Bangladesh. Although, a separate source noted some concern is present in the domestic Indian market regarding the short-term downtrend on billet and DRI prices in some regions as a result of “poor trade activity.” Since the beginning of the New Year, billet prices ex-Raipur mill have been trending slightly down. DRI prices in that region have also reportedly encountered some declines.