As per SteelMint assessment, local Rebar prices in Bangladesh have moved down by BDT 500/MT (USD 6) on weekly basis due to limited buying inquiries owing to heavy rains.
Overall dull demand and inadequate supply factors urging re-rollers to match the price range as per requirement and construction activities getting delayed.
Finished steel inventory level is noticed to be slightly high in comparison to average basis, participants reported.
“Outlook for rebar prices remain weak and may witness corrections as per current scenario where selling pressure could rise for coming term” an official from a mid size steel mill based in Dhaka, Bangladesh stated.
As per assessment, currently local Rebar prices in Dhaka, Bangladesh hovering at BDT 59,000-59,500/MT (USD 698-704); fall by by BDT 500/MT (USD 6) against last week reported by medium-scale producers.
Similarly, the large scale producers who have their plants in Chhittagong, Bangladesh have slightly lower offers on weekly basis and are reported currently at around BDT 65,500-66,500/MT (USD 775-787) against last offers of BDT 67,000/MT. 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 54,000/MT (USD 639/MT) in Chhittagong & around BDT 52,000/MT (USD 615/MT) registered in Dhaka, where the freight cost from Dhaka to Chhittagong would be around BDT 2,000/MT.
Local Melting scrap hovering at BDT 35,500-35,700/MT(USD 420-422) as per quality.
Further, as per participants the large scale producers in Chhittagong have recently booked Indian Sponge iron at around USD 345-350/MT CFR & USD 323-325/MT Benapole – Origin India.
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