SteelMint learnt with re-rollers based in Dhaka that domestic Steel demand in Bangladesh weaken further resulting sharp fall in local steel prices by about 3,000-5,000 Bangladesh Taka (USD 35-60) in a week duration.
As per local steel mills, demand from the traders & retail segment is poor, ahead of new year and arriving of monsoon season. Another major factor behind slump in prices stated that, declining imported scrap prices which fell almost by USD 15-20/MT in last 15-20 days. Bangladeshi New year celebrates on 14 Apr which is in the next week.
The current offers for Grade 60 Rebars (12 mm) by local mills in Dhaka are evaluated at 63,000-64,000/MT Bangladesh Taka (USD 750-774). In line offers by the large producers like BSRM, the rebar offers are heard nearly 68,000-70,000 Bangladesh Taka (USD 810-833). BSRM is the leading steel manufacturing company and one of the prominent corporate houses in Bangladesh. The company known as prime grade steel manufacturer.
Further the local billet prices are reported at around 53,000-54,000/MT Bangladesh Taka (USD 630-643).
The re-rollers also stated decline in domestic ship cutting scrap prices which is trading currently at 38,000-39,000/MT Bangladesh Taka (USD 453-464). All prices are including local taxes at 17%.
Imported Scrap & Sponge prices down
Imported scrap prices in Bangladesh continue to fall over limited purchase by intendors with an anticipation further fall in prices. The current offers for containerize Shredded grade scrap from UK origin quoted at around USD 395-400/MT which was a week at USD 400-405/MT, CFR Chhittagong.
Similarly, the Sponge iron import offers also sharply dropped and the fresh offers for Indian origin Sponge iron lumps (FeM 78-80) are hovering at USD 357-360/MT CPT Benapole port (dry port of India & Bangladesh) & USD 380/MT CFR Chhittagong Bangladesh. The same material towards the beginning of Mar’18 were traded at close to USD 395/MT CPT & USD 375-380/MT CFR Chhittagong; declined almost by USD 35-40/MT in a month duration.
Leave a Reply