On January 11, SteelOrbis reported ex-India DRI offers (sponge lumps 80 FeM) to Bangladesh softening towards the bottom of the $340-350/mt CFR range.
Sources now report to SteelOrbis that DRI offer prices have ticked down $5/mt to $335-345/mt CFR Bangladesh as a result of the downward trend in iron ore, pellet, pig iron, and DRI prices in the domestic Indian market which in some cases have reached 10- to 12-month lows. Additionally, the lower import scrap prices, while not showing further downtrend week-on-week, are more attractive than ex-India DRI prices, therefore limiting deals.