Rebar offers in domestic market of Bangladesh have slightly moved up this week on higher cost of raw materials and average trade volumes.
As per assessment, the local Rebar prices in Dhaka, Bangladesh through the mid size mills have slightly gained by BDT 500/MT (USD 6) W-o-W and currently stood at BDT 59,000-59,500/MT (USD 703-709) for 500W. The prices are ex-works, including local taxes & size 8-32 mm.
Also few large producers have slightly raised Rebar offer by BDT 500/MT and reported at BDT 63,500-64,500/MT (USD 756-768) against last week offers, ex-works, including local taxes & size 8-32 mm.
The market participants shared that inventories remain on average basis with the large mills basis due to projected supply as most of the demand notified from government projects.
Further as per analysis the medium & large mills both are offering trade discounts on up to certain levels depends upon bookings and as per their designed structure modules.
Meanwhile market participant from a large mill stated that, domestic finished steel prices likely to move up further due to high cost raw materials.
It should be noted that, the import offers of Scrap & Sponge iron in Bangladesh have sharply gained by USD 20-30/MT in a month, however in the same duration local steel prices in Bangladesh was more or less firm. Hence with arrival of fresh high cost raw materials, the mills are passing cost to the end users.
Recent price assessment of Bangladeshi Billet being shows minor price rise against last week which differs from plant to plant and registered at around BDT 50,000-51,000/MT (USD 596-608) ex-works, Dhaka.
Sponge iron import offers: Indian sponge iron export offers to Bangladesh increased by USD 15/MT W-o-W and currently stood at around USD 350-355/MT, CFR Chittagong. As per souces material have been booked on increased prices.
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