Rebar demand slightly moved up in domestic market of Bangladesh amid positive outcome of general elections as per SteelMint’s weekly assessment.
As per assessment, currently the local rebar prices in Dhaka, Bangladesh through the mid size mills are hovering around BDT 57,000-57,500/MT (USD 675-681) for 500W.
However, it was learned that production levels have been reduced prior to elections as demand was sluggish and price range got narrowed down by BDT 1,000-1,500/MT on limited works in projects. Meanwhile with the elections getting over, the prices moved up in same proportion, as per participants.
One of the participants shared that, as we were expecting Awami League will come in power and finished steel demand will evolve with an ease of supply movement in projects. As a result, the local steel prices are strengthening.
Further, production through the large manufacturers have reported as per capacities and current offers by large producers assessed at BDT 63,000-64,000/MT (USD 746-758) and expected prices soon to increase further. The prices mentioned above are ex-works, including local taxes & size 8-32 mm.
Also, the local Billet prices in Dhaka, Bangladesh surged and the fresh deals reported at around BDT 50,000-50,500/MT (USD 592-598/MT).
Scrap: Local melting Scrap prices in Bangladesh are hovering around BDT 35,500-36,000/MT (USD 420-426) excluding taxes.
Sponge iron import offers: Indian sponge iron export offers to Bangladesh remain firm and are assessed at USD 345-350/MT, CFR Chittagong.
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