Medium scale re-rollers in Bangladesh have slightly increased their rebar offers by BDT 500/MT (USD 6) against last week. The offers have moved up on account of strengthening raw material (melting scrap) prices, which rose by USD 5-7/MT in Nov’19, SteelMint learned from participants.
However, the large scale mills have kept their rebar offers firm, supported by lower production level. This in turn maintained inventories with the producers and further expecting that demand will sustain till month end.
Further, the sources in Chittagong who majorly deal with large scale mills cited, average demand has resulted in appropriate inventory level at their premises and another factor could be a delay in construction activities amid slow response from government authorities for acquiring land along with other basic approvals.
The fresh offers of rebar through the mid-sized mills in Dhaka, Bangladesh reported at BDT 54,000-55,000/MT (USD 637-649); for 500 W, up by BDT 500/MT (USD 6), W-o-W. The prices are ex-works, including local taxes & size 10-32 mm.
In context to large scale mills, the rebar offers were reported at around BDT 61,000/MT (USD 720) ex-works Chittagong, including local taxes & size 10-32 mm shared by trade sources.
Meanwhile, the domestic billet offers are assessed at BDT 45,500-46,000/MT (USD 537-543); ex-works in Dhaka.
Indian Sponge iron import offers to Bangladesh are hovering at 275/MT CPT, equivalent to USD 290/MT CFR Chittagong, for 79-80 FeM & 100% lumps. As per one of the large mills in Bangladesh, they bought about 2,000 MT Indian origin sponge iron in last couple of days.
In line with this, imported scrap offers to Bangladesh inched up and assessed for containerized Shredded scrap from UK & Europe at around USD 305/MT, CFR Chittagong, slightly up against USD 300-303/MT levels last week.
Leave a Reply