Bangladesh local steel – Rebar reported to be softening amid thin trade volumes as buying inquiries are limited, market participants stated.
As per participants, buying inquiries are thin but it doesn’t affected in broader way to Medium & Small scale producers as the price range is almost near about on weekly basis and currently Rebar hovering at BDT 56,000/MT (USD 660) ex-works.
Whereas large scale producers have reduced Rebar prices around BDT 1,000/MT in recent (9th May’18) due to subdued demand and coming festive season along with knocking monsoon and currently offers stood at BDT 64,000-65,000/MT (USD 754-766) ex-works, Chhittagong.
Further, local billet prices seems stabilized and traded at BDT 50,000/MT (USD 590) while market quoting heard to be around BDT 51,000/MT (USD 602) over firm scrap price range on weekly basis.
The local scrap being offered at BDT 41,000/MT or USD 484/MT (Ship Breaking Plate, Size – 16 MM), BDT 34,000/MT or USD 401/MT (Melting Scrap 80:20), BDT 31,000-32,000/MT or USD 366-378/MT (Melting Scrap 60:40), according to a market participant in Bangladesh. All prices mentioned above include local taxes at 15%.
The Industry participants anticipated that, trade inquiries in Rebars likely to remain moderate until the actual arrival of monsoon and prices may get noticed minor fluctuation.
Imported Scrap, the prospective buyers in Bangladesh remained cautious for fresh global scrap bookings amid average local steel demand. Current offers for Shredded grade scrap from UK origin are assessed at around USD 402/MT & HMS1 from Middle east at USD 385-390/MT, CFR Chhittagong.
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