On June 25, SteelOrbis reported ex-India DRI offers at $370-375/mt CFR as shredded import scrap offers were maintaining a high level.
Sources inform SteelOrbis that shredded scrap prices are still trending higher than imported DRI from India. Ex-India DRI offers are presently at $340-350/mt CFR Bangladesh. DRI prices declined about $20/mt through mid-July and have declined the remainder since then according to a source. Compared to June, prices have declined $30/mt from the bottom of the previous range and $25/mt from the top of the same range.
According to analysis reports received by SteelOrbis, Bangladesh crude steelmaking capacity is slated to achieve the 5.2 million mt mark in calendar year 2018, up 63 percent from approximately 3.2 million mt in 2017. A source noted that imports of scrap and DRI to Bangladesh “will continue strong on fundamentals in the country except with the slight decline in prices on global trend driven by the protectionist activities of various regions including the US and EU.”