Bangladesh local steel market participants reported stability in Rebar prices over subdued demand as well as thin trade volumes.
Further buying inquiries remained on an average basis with limited volumes but the limited supply doesn’t allowed large & medium scale producers to lower their basic rebar offers due to elongated local melting scrap prices on weekly basis.
The country has been witnessing rains that had led to slight effective supply chain movement amid slow construction activities and market participants remained inactive having prospective sentiments for finished steel prices likely to remain low amid dull market demand, sources reported.
Medium & Small scale producers offers remained firm on weekly basis and currently Rebar hovering at BDT 56,000/MT (USD 662) ex-works.
Whereas large scale producers offering at BDT 64,000-65,000/MT (USD 757-769) ex-works, Chhittagong.
Further, local billet prices seems unchanged and traded at BDT 50,000/MT (USD 591) while few quoting heard to be around BDT 50,500-51,000/MT (USD 597-603) over increased scrap price range by around BDT 1,000-1,500/MT.
The local scrap offered at BDT 42,000-43,000/MT or USD 497-509/MT (Ship Breaking Plate, Size – 16 MM), and Local Melting Scrap reported at BDT 36,500-36,800/MT or USD 432-435/MT, according to a market participant in Bangladesh. All prices mentioned above include local taxes at 15%.
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