Sources inform SteelOrbis that domestic DRI prices in India have decreased since the summer peak in August. DRI domestic prices have declined $37-38/mt from $281-287/mt ex-works in mid-August to $244-249/mt ex-works in mid-October.
The source stated that the erosion in DRI prices has placed downward pressure on ferrous scrap import prices and demand as Indian mills turned towards domestic scrap and DRI sources which "reduced their already limited scrap import appetite during a period of lower steel demand due to the monsoon season.”
Indian domestic DRI |
INR, ex-works |
Exchange rate |
$ |
October 16 |
15,800-16,100/mt |
64.69 |
$244-249/mt |
September 29 |
16,100-16,500/mt |
65.31 |
$247-253/mt |
September 22 |
17,300-17,800/mt |
64.84 |
$267-275/mt |
August 18 |
18,000-18,400/mt |
64.10 |
$281-287/mt |
July 14 |
16,200-16,500/mt |
64.29 |
$252-257/mt |