Sources inform SteelOrbis that as shredded scrap import prices to Bangladesh have increased in November, Indian DRI (lumps 80 FeM) export offers to Bangladesh are also on the rise. Bangladesh is the largest buyer of Indian DRI.
On October 16, import shredded scrap offers were approximately $330/mt CFR Bangladesh and Indian DRI offers were approximately $310/mt CFR Benapole Port. On November 29, as shredded scrap import prices have increased $20/mt to $350/mt CFR Bangladesh since mid-October, Indian DRI offers have also increased $20/mt and are presently reported at $330/mt CFR Benapole Port. Sources comment that the increase in DRI export offers is supported by rising domestic prices in India, strong global scrap prices, and improved demand from Bangladesh steel mills.