As per SteelMint’s weekly assessment, Rebar prices have remained stable in Bangladesh over average demand amid monsoons.
Amid monsoons, overall supply is stable and inventory levels at plants has also remained mostly unaltered, participants reported.
“Outlook for Rebar demand is positive as government has declared massive spending for infrastructure works in recent financial budget” an official from a major steel mill based in Chittagong, Bangladesh stated.
As per assessment, currently local Rebar prices in Dhaka, Bangladesh hovering at BDT 59,500-60,500/MT (USD 707-719); stable against last week reported by medium-scale producers.
Similarly, the large scale producers who have their plants in Chhittagong, Bangladesh have slightly push offers on weekly basis and are reported currently at around 64,000-66,000/MT (USD 760-784). The prices mentioned above are ex-works & including local taxes.
In context to the price movement of raw materials – local Billet traded firm at around BDT 52,500-54,000/MT (USD 624-642/MT) & local Melting scrap at BDT 35,000-35,500/MT(USD 416-422) as per quality.
Meanwhile deals for Ship breaking plates (size – 16 mm) are reported at BDT 42,500-43,500/MT (USD 505-517) which is stable from last 3-4 days and the prices are ex-works & excluding local taxes.
Further, as per participants the large scale producers in Chhittagong have recently booked Indian Sponge iron at around USD 340-342/MT CFR & USD 322/MT Benapole – Origin India & Imported Wire Rod size (5.5 mm) at USD 620/MT, Origin – China.
As per data maintained by SteelMint stats, in the month of Jun’18 Semi Finished (Sponge Iron) bulk imports in Bangladesh registered at 29,060 MT against 54,300 MT in May’18; down by 46.48% and whole lot has been exported by Malaysia.
Imported Scrap Offers Fall
In recent trade deals, Shredded 211 scrap from UK sold in containers in the range of USD 368-375/MT, CFR Chittagong. Offers for Shredded also heard in the range of USD 367-373/MT, CFR Chittagong for other origins like Brazil and Australia.
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