Imported HRC offers to Bangladesh have declined marginally on weekly basis. Bearish sentiments in Chinese domestic market amid currency devaluation coupled with low demand in Bangladesh amid monsoons has lead to fall in buying interest from Bangladesh based mills.
Major mills in China are quoting HRC export offers in the range of USD 590-595/MT FoB basis.Thus mills are offering indicative prices of HRC ( 1.8 – 2 mm) to Bangladesh at USD 645/MT CFR Chittagong.However no major deals have been concluded yet.
Last week the price assessment for imported HRC from China stood at USD 650-655/MT,CFR basis. Last week a major importers based in Bangladesh concluded a deal at USD 655/MT CFR basis for August shipments.
An HRC importer based in Bangladesh mentioned that,”Mills in Bangladesh have adopted wait and watch mode since they are holding sufficient inventories in hand and are in no hurry to book the material at the moment”.
Further he added, due to arrival of rainy season market sentiments are showing downtrend amid lesser bookings in small volumes happened in Bangladesh market.
Meanwhile Japanese mills have not quoted any fresh offers for imported HRC to Bangladesh for August shipments.
Bulk steel coil imports to Bangladesh witness decline by 17 % Y-o-Y in FY18: According to customs data maintained with SteelMint, Bangladesh imported 7,49,967 MT in FY18 steel coil via bulk imports lower by 17% as compared to 8,99,300 MT in previous fiscal.Bulk coils imports to Bangladesh are made mainly from Japan, Korea and India in FY18.
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