Bangladesh local steel – Rebar & Billet prices remain firm this week over limited trade activities, SteelMint learnt from market sources based in Chhittagong that with arrival of monsoon by end of month along with festive season has led to subdued demand for Rebars.
It was also noticed that, the local ship cutting plate prices which is the sole of Bangladesh steel production reported marginal change this week. This can be attributed as another key factor behind stability in local steel prices. Out of total steel productions in Bangladesh about 50-60% is made through the ship breaking scrap.
Domestic Billet, prices assessed at around Bangladesh Taka (BDT) 50,000/MT (USD 593/MT), while market quote price heard at around BDT 51,000-52,000/MT (USD 605-617/MT).
Rebar (TMT), the prices are reported at 56,000-57,000/MT Bangladeshi Taka (USD 664-676/MT) by medium & small scale producers, while large producers prices registered around BDT 61,000-62,000/MT (USD 723-735/MT), according to a market participant in Bangladesh:
Local Scrap, Ship Breaking Scrap for 16mm hovering around BDT 41,000-42,000/MT (USD 486-498/MT) and Melting Scrap around BDT 33,000-34,000/MT (USD 391-403). The trade participants anticipates arrival of monsoons by end of May or early June may results to decline in finish steel prices amid slow construction activities.All prices mentioned above includes local taxes at 15%.
Imported Scrap, the prospective buyers in Bangladesh remained cautious for fresh global scrap bookings amid average local steel demand. Current offers for Shredded grade scrap from UK origin is assessed at around USD 395-400/MT, PNS at USD 405/MT & HMS1 from Middle east at USD 385-390/MT, CFR Chhittagong.
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