Early in April, SteelOrbis reported ex-India DRI offers at $350-360/mt CFR to Bangladesh.
Sources inform SteelOrbis that prices continued low through the first part of the month but “have gained some positive momentum in the past two weeks.” The source noted that prices of ex-India DRI material are presently higher than offers of imported shredded scrap, therefore, no new deals for imported DRI have been heard in the market. Offer prices are now reportedly at $360-365/mt CFR Bangladesh. The new range reflects an increase of $10/mt from the bottom of the previous range and $5/mt from the top of the same range.
A source added, “Domestic rebar prices in Bangladesh, for example, have decreased recently, so importing DRI at higher prices would not make sense at the moment. I expect for the domestic outlook to become clearer in the next month.”