On March 27, SteelOrbis reported that ex-India DRI offers declined to $360-370/mt CFR Bangladesh.
Sources inform SteelOrbis that ex-India DRI offers have since declined by $10/mt and are now reportedly at $350-360/mt CFR to Bangladesh. The decrease in price is attributed to the increase in DRI supply availability in India. The source added, “It is interesting that yes DRI has dipped alongside shredded import scrap offers, but it has decreased much more sharply.” He added that despite the softness in the overall global scrap and steel markets over the past several weeks, a Bangladesh buyer purchased a full ex-US bulk cargo of shredded scrap at the high price of $435/mt CFR toward the end of March, indicating long-term positive sentiment.