Imported HRC offers to Bangladesh from China moved up by USD 5-10/MT this week owing to upward momentum in Chinese steel prices post Labour Day holidays. Currently major mills in China are offering HRC at USD 615/MT FoB China.
Before holidays market sentiments in China remained fluctuating but prices picked up once the market resumed trades after holidays.
Thus presently Chinese based major mills Baosteel is offering imported HRC (1.8-2 mm) to Bangladesh at around USD 660/MT CFR basis. However before holidays company’s offers were at around USD 650/MT CFR basis.
Few more offers from other Chinese mills were heard around USD 650-655/MT CFR Chittagong which were previously heard at USD 640-645/MT CFR basis. Although no such major deals were reported.
Absence of Japanese HRC offers in Bangladesh-Currently Japanese mills have not quoted any fresh offers for HRC to Bangladesh amid prevailing Golden week holidays from 29th Apr’18 to 5th May’18.
However market participants shared that, post holidays Japanese mills are likely to raise their HRC offers for June-July shipments following hike in Chinese prices.
Bangladesh bulk steel coil imports decline 45% M-o-M in Apr’18 – According to vessel line up data maintained with SteelMint, bulk steel coil imports to Bangladesh stood at 46,080 MT in Apr’18 witnessing decline of 45% on monthly basis against 83,465 MT in Mar’18. Entire quantity of bulk steel coil imported to Bangladesh in the month of Apr’18 were from Japan.
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