On December 21, SteelOrbis reported Indian DRI (lumps 80 FeM) offers for export at $345-350/mt CFR Benapole port in Bangladesh.
Sources inform SteelOrbis that as import shredded scrap offers have increased in Bangladesh offers for DRI from India have also increased. Export offers for DRI from India are now reportedly at $370-375/mt CFR Benapole. The new range represents an increase of $25/mt over the past week. A source noted that the higher export prices are in tandem with higher domestic offers for January.
While domestic DRI have trended up on global influence, a source noted some weak sentiment in the Indian domestic market in the past week. The prices on DRI and billet in Raipur, Chhattisgarh over the past several days, for example, are reportedly “facing a slight softness due to the short-term ambivalence in the market about the sustainability of global raw and finished steel prices after the New Year and India’s slow recovery.”