As per SteelMint’s weekly assessment, local steel – Rebar prices in Bangladesh remain unaltered amid limited buying due to the end of Ramadan Festival.
Market participants mentioned that – sellers & buyers remain unresponsive amid festive season which has affected operational activities.
As per assessment, currently local Rebar prices in Dhaka, Bangladesh hovering at around BDT 59,500-60,000/MT (USD 696-702/MT); stable against last week reported by medium-scale producers.
Similarly, the large scale producers who have their plants in Chhittagong, Bangladesh have maintained offers on weekly basis and are reported currently at around 63,500-64,000/MT (USD 743-749). The prices mentioned above are ex-works & including local taxes.
In context to the price movement of raw materials – local concast Billet traded firm at around BDT 52,000/MT (USD 608/MT) & Melting scrap at BDT 36,500-37,000/MT (USD 427-433).
However slight rise have been observed in Ship breaking plates (size – 16 mm) where deals are reported at BDT 42,000-43,000/MT (USD 491-503) as against last week assessment at around BDT 42,000-42,500/MT (USD 491-497). The prices are ex-works & including local taxes.
SteelMint also learned from trade sources, that market will remain close from today on wards and likely to resume by end of coming week by 25.06.18 – 27.06.18 due to ending of Ramadan celebration.
As per sources, trade participants yet to receive SRO (Statutory regulatory Order) which suppose to publish after the announcement of Bangladesh national budget was tabled on 07th June 2018 and the participants anticipate some relief on taxes for import of scrap which is the key fuel for steel producers.
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