On May 3, SteelOrbis reported ex-India DRI offers up at $360-365/mt CFR Bangladesh as domestic prices were on the rise in India, but Bangladesh’s domestic steel prices were showing softness.
Sources inform SteelOrbis that despite efforts by Indian sellers to firm prices up, ex-India DRI prices have corrected downward by $10/mt and are now at $350-360/mt CFR Bangladesh. No significant buys have been reported. A source noted that with some weakness in the Indian billet and rebar markets this week, despite higher recently-announced HRC prices, and the fact that scrap import prices to Bangladesh are presently lower than the DRI import prices, “imported DRI deals may need to be $325-330/mt CFR to be considered by local buyers in these uncertain times.”