Billet offers to Bangladesh rise on anticipation that government may hike import duty in the upcoming budget (Jun’15).
“Bangladesh is a major importer of Billet. With speculations that government may increase import duty by 40% to BDT 7,000/MT, rolling mills in the country have started taking buying position. Imported Billet offers have gone up by USD 10-20/MT in last few weeks,” said a re-roller based in the country.
Current offers for Billet to Bangladesh are at USD 400-405/MT from China/Russia and USD 420/MT from India, CFR Chittagong.
Bangladesh government hiked import duty on Billet by BDT 1,500/MT, to BDT 5,000/MT in its last budget. The government decided to increase the duty to safeguard its domestic industry from aggressive Billet imports. The duty had been kept unchanged at BDT 3,500/MT for a long time.
India as an exporter, in its last tender of 90,000 MT Billet & Bloom held on 18 Mar’15 received bids higher by USD 10-15/MT. Billet to Bangladesh was sold at USD 405/MT while, Bloom was traded at USD 370/MT, FoB India. Freight from India to Bangladesh is assessed at USD 15-17/MT.
In India, manufacturers like RINL, SAIL, Adhunik, Kamachi, Usha Martin & Welspun export Billet to Bangladesh.
Global Tender
Vizag Steel (RINL) had floated a tender for export of 10,000 MT Billet & 1,00,000 MT Blooms till 28 Apr’15.
1 USD = 78.51 BDT (Spotted on 10 April, 2015)
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