On October 24, SteelOrbis reported ex-India DRI offers (Sponge lumps 80 FeM) trending up to $360-365/mt CFR Bangladesh. The higher DRI offers were also reportedly supported by firmer and higher imported shredded scrap offers in CFR terms.
SteelOrbis is informed that the traditional spread of $10-15/mt between the higher prices of shredded scrap imports and ex-India DRI imports has returned. Ex-India DRI offers are reportedly stable at $360-365/mt CFR Bangladesh while shredded scrap import prices are reportedly also stable week-on-week at $370-380/mt CFR. A source added that while the ranges continue to trend stable, “offer prices are firming up within that range on optimistic expectations in November scrap trades.”