Local Steel – Rebar prices in Bangladesh rally over improved demand amid ongoing Ramadan festival.
As per SteelMint’s weekly assessment, local Rebar prices in Bangladesh is increasing gradually by BDT 500-1,000/MT (USD 6-12/MT) to BDT 59,500-60,000/MT (USD 706-712/MT) against last week which was being traded around BDT 59,000/MT (USD 700/MT), reported by medium-scale producers.
SteelMint learned from market participants that finished steel inquiries got active from past mid week with considering prospective logistical issues as movement of heavy vehicles will be restricted during the last week of Ramadan festival, thus this has led to better procurement among stockiest and from projects as well.
Whereas as per sources, large mills like BSRM have not changed their Rebar prices on a weekly basis and offering around BDT 63,000-64,000/MT ex-works & for 12 mm.
In context to the price movement of raw materials – local Billet traded firm at around BDT 52,000/MT. Although local melting scrap registered slight fall to BDT 37,000/MT against previous week at BDT 37,500-38,000/MT & Ship breaking plate, size – 16 mm assessed at BDT 42,500-43,000/MT, as per participants.
Raw material purchase active
The major producers in Chhittagong & Dhaka, Bangladesh have resumed their raw material purchases after a long span. As per trade participants, the steel mills have booked good quantities of Scrap & Sponge iron in last one week.
The average purchase prices of Sponge iron – Indian origin reported at around USD 345-348/MT CPT Benapole port (dry port of India & Bangladesh). On CFR Chhittagong basis it will cost at around USD 365/MT.
Further, ferrous scrap is being booked through containers at an average price of USD 395-398/MT CFR Chhittagong, for Shredded 211 of UK origin, delivery will be done during Jun-Jul’18.
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