Bangladesh’s imported scrap market saw slightly lower prices on low demand from end-users, which resulted in limited activities. However, steel mills may remain under selling pressure to complete the targeted finished steel sales volume as workers will be on leave ahead of Ramadan.
- Imported scrap offers for shredded were heard at $510/t CFR. Prices inched down on limited inquiries.
- UK-origin HMS 80:20 was offered at $470-475/t, unchanged w-o-w.
Buyers are looking for other origins like Hong Kong due to their cost effectiveness and shorter distance. The market is likely to remain slow ahead of the holy Ramadan month. However, suppliers are hopeful of maximum sales before Ramadan begins.
Additionally, market participants are looking for future Turkish bookings for market clarity.
Further, following the trend, bulk offers are also slightly down.
One US west coast-based bulk mixed cargo was heard to have been sold recently, in which HMS was at $475/t, shredded at $485/t and bonus at $490/t CFR Chittagong. The cargo was booked for May shipment.
- On the other hand, offers for US-origin bulk HMS material were at $480/t CFR Chittagong, down by $10/t w-o-w.
- Fresh indicative offers for bulk Japanese H2 were at $470-480/t CFR, down by $10/t w-o-w.
Rebars prices remain high
Despite limited demand and low consumption from end-users, steel producers are under pressure to sell their finished steel at low prices. Some trade channels shared that construction activities may rebound in the short term on falling prices, SteelMint learnt from sources.
However, major mills like BSRM kept their rebar offers high at BDT 100,000/t levels. But transactions may happen at lower levels.
Dhaka-based mills, following the trend, kept rebar prices at BDT95,000-96,000/t ($900-910/t).
On the other hand, GPH Ispat Limited, one of the leading steel manufacturers in Bangladesh, launched its new high-grade steel rebar product this week, which they claimed will reduce construction costs as well as ensure safety of structures.
The group announced launch of GPH Quantum B600D-R steel rebar, the first of its kind in the country, within four months of launching its other new product, GPH Quantum B600C-R steel rebar. The two higher-grade products would bring drastic changes in the country’s construction sector, a company official claimed.
GPH has the world’s latest and most modern technology of quantum electric arc furnaces in its plant, which can produce higher-grade steel products.
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