Medium scale re-rollers in local market of Bangladesh have kept their rebar offers unchanged, although limited inquiries have forced them to offer trade discounts, as per participants.
As per them, trade activities have been declined, thus the trade prices have fallen as considerable discount range has been offered which is around of BDT 1,000-1,200/MT (USD 12-14).
However re-rollers official prices haven’t changed post the Eid festival (i.e. 11th Jun’19) and there is assumptions that upcoming national budget which will be present on 13th Jun’19, likely to support the domestic steel prices due to proposed VAT (Value Added Tax) at 10%, as per trade participants.
Meanwhile as per assessment, presently the mid sized mills rebar trade reference prices in Dhaka, Bangladesh is hovering around BDT 58,500-59,500/MT (USD 693-705) for 500 W; slightly down by BDT 500/MT (USD 6) on weekly basis. The prices are ex-works, including local taxes & size 8-32 mm.
Further, the large mills have kept their rebar offers unchanged against previous week and offering at BDT 63,500-64,000/MT (USD 753-758), similar against last week offers. The prices are ex-works, including local taxes & size 8-32 mm.
In line domestic Billet prices, the Bangladeshi mills have slightly lowered their prices by BDT 500-1,000/MT (USD 6-12) and reported at around BDT 49,500-50,000/MT (USD 587-593), ex-works in Dhaka.
Imported raw material offers
Indian Sponge iron (DRI) export offers to Bangladesh slightly fell due to declining prices in Indian domestic market and the current offers for 78-80 Sponge iron lumps is assessed at around USD 320-325/MT CNF Chittagong, Bangladesh.
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