On April 26, SteelOrbis reported ex-India DRI offers up at $360-365/mt CFR Bangladesh.
Sources report that despite initial expectations that weak interest would dampen ex-India price offers, DRI prices are remaining relatively firm at $360-365/mt CFR Bangladesh as domestic prices rise in India. The source added, “While shredded scrap import offers did dip several weeks back, they have remained stable since reaching a possible floor. This may give some support to DRI offers.” Several months back, DRI prices were below imported shredded scrap offers, thereby making “the decision to import easier,” but the trend is presently reversed.
On the outlook for DRI import purchases, the source noted that, unfortunately, Bangladesh domestic steel prices have remained relatively stable after the correction, but they are showing softness in recent deals which may delay DRI imports at the present price levels.