As per SteelMint weekly assessment, domestic Rebar prices in Bangladesh by medium scale mills have noticed slight corrections. However, the large mills have maintained offers at similar levels.
As per trade participants, finished steel demand is limited amid ongoing monsoon in specified regions and medium scale manufacturers in Dhaka have made slight price cuts to prevent piling up stocks.
After the Eid holidays and upcoming general elections which is scheduled to be held by the end of the year, have put traders in wait and watch mode.
As per assessment, currently local Rebar prices in Dhaka, Bangladesh hovering at BDT 57,000/MT (USD 680); fall by BDT 1,000/MT (USD 12) against last week reported by medium-scale producer.
Whereas, few large scale rebar manufacturers (RSRM – Ratanpur Steel Re-Rolling Mills Ltd. & Anwar Ispat) in Chittagong and Dhaka, Bangladesh have kept offers unchanged on weekly basis and currently reported at around BDT 62,000-62,500/MT (USD 740-746), (Size – 8 mm to 32 mm, 500 W). The prices mentioned above are ex-works & including local taxes.
Further the local Billet prices in Dhaka reported slump about BDT 500/MT (USD 6) and currently traded at BDT 49,500-50,000/MT (USD 591-597/MT).
Scrap prices rise
Domestic melting scrap in Bangladesh moved up followed hike in global scrap and registered at BDT 35,000-35,500/MT (USD 418-424) as per quality. Ship cutting plate (16 mm) prices assessed at BDT 41,000 (USD 489).
Imported scrap offers in Bangladesh increased about USD 8-10/MT on weekly premises. The offers for South Africa origin P&S scrap stood at USD 365-370/MT, Shredded 211 scrap in containers from UK & Europe at around USD 370-375/MT & HMS 1 offers assessed at around USD 362-365/MT, CFR Chittagong from UAE and South Africa.
Sponge iron import offers
Indian sponge iron export offers to Bangladesh remain strong following hike in Indian domestic steel prices over improved demand & short supply and rising prices of raw materials.
The large mills in Bangladesh, Chhittaong recent have booked healthy volume of Indian sponge iron at around USD 385-390/MT, CFR Chittagong.
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