On September 20, SteelOrbis reported Indian domestic DRI prices trending up at INR 25,000/mt ($348/mt) ex-works Odisha and INR 24,000/mt ($334/mt) ex-works West Bengal. In Raipur, offer prices were reportedly at about INR 24,000- 24,500/mt ($334-341/mt) ex-works since early in the month then only slightly increased to INR 24,500-25,000/mt ($341-348) ex-works by September 20.
Sources now report that Raipur prices have decreased to INR 23,800-24,200/mt ($327-332/mt) ex-works. Due to the devaluation of the INR against the dollar in the period, prices declined $14/mt from the bottom of the September 20 range and $16/mt from the top of the same range.
In the West Bengal region, prices reportedly declined further and are now reportedly at INR 22,000/mt ($302/mt) ex-works, down $32/mt. The decline in prices is attributed to improved supply conditions.
USD = INR 71.89 (Sep 20)
USD = INR 72.80 (Sep 24)