On December 12, SteelOrbis reported Indian DRI (lumps 80 FeM) offers for export at $335/mt CFR Benapole port in Bangladesh. Sources inform SteelOrbis that as shredded scrap import prices have increased for Bangladesh buyers, so have DRI offers which are reportedly now relatively firm at $345-350/mt CFR Benapole. The new range represents an increase of $10-15/mt from the previous price.
Due to the end of the year, as well as expectations that buying opportunities at lower prices may arise after the new year, mill buyers are believed to have sufficient DRI inventories and are likely to continue the wait-and-see stance for a few more weeks.