As per SteelMint assessment, local Rebar prices in Bangladesh have moved down by BDT 500/MT (USD 6) on weekly basis due to low demand and decline in Billet prices.
Market participants reported that slow procurement interest in Finish steel and insufficient supply forced re-rollers to alter the price range to get better buying inquiries.
As per assessment, currently local Rebar prices in Dhaka, Bangladesh hovering at BDT 59,000/MT (USD 699); fall by by BDT 500/MT (USD 6) against last week reported by medium-scale producers.
Similarly, the large scale producers in Chittagong, Bangladesh have slightly lower offers on weekly basis and are reported currently at around BDT 65,500-66,000/MT (USD 776-782) against last offers of BDT 66,500/MT. The prices mentioned above are ex-works & including local taxes.
The local Billet prices in Dhaka reported slump about BDT 500-1,000/MT (USD 6-12) and currently traded at around BDT 50,500/MT (USD 598). Meanwhile, slight price corrections in Billet being assessed in Chittagong on fresh trades at BDT 53,500-54,000/MT (USD 634-639) as against last week at BDT 54,500/MT (USD 645). The prices are ex-works & including of local taxes.
In context to raw materials, local melting scrap hovering at BDT 34,500-35,000/MT(USD 409-414), as per quality. Ship cutting plate prices assessed at around BDT 42,000/MT (USD 497).
HBI/DRI & Scrap Imports Surge
Bangladesh one of the fastest growing nation in terms of steel capacities, the bulk import of DRI/HBI in Bangladesh crossed the levels of 2017 in the first seven months of 2018.
As per vessel line up data maintained by SteelMint, Bangladesh has imported about 274,730 HBI/DRI in the first seven months of 2018 (Jan-July) as against 205,310 MT in 2017 (Feb-Dec).
Also the nation’s, bulk ferrous scrap imports increased to 654,002 MT in 2018 (Jan-Jul), which was about 1,019,744 MT in 2017 (Jan-Dec).
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