Bangladesh: Rebar Prices Slide Amid Limited Demand
As per SteelMint assessment, domestic rebar prices in Bangladesh have slightly fallen on weekly basis. Slight price corrections were made by medium scale mills by BDT 500-700/MT (USD 6-8.5) amid limited trade volumes.
As per weekly assessment, currently local Rebar (8-32 mm) prices in Dhaka, Bangladesh by medium-scale mills is hovering at BDT 55,500-56,000/MT (USD 662-668), slip by BDT 500/MT against last week offers.
Although, the large scale manufacturers have kept their prices unchanged and mentioned Rebar demand is little bit slow as people are in wait & watch mood due to upcoming elections in the country.
The latest rebar offers by large scale mills reported at around BDT 62,000-62,500/MT (USD 740-746), Size – 8 mm to 32 mm, 500 W. The prices mentioned above are ex-works & including local taxes.
Further, the domestic Billet prices in Dhaka remained more or less firm and currently traded at BDT 49,500-50,000/MT (USD 591/MT). Procurement interest is slow due to poor off take of finish steel products, as per participants.
Scrap prices -- Domestic melting scrap (HMS) reported at BDT 34,500-34,700/MT (USD 412-414) Ex-Chittagong & Imported scrap HMS offers from UK noticed at USD 360-364/MT.
Sponge iron import offers -- Indian sponge iron export offers to Bangladesh remain firm and are assessed at USD 378-380/MT, CFR Chittagong. As per participants, in recent a large mill based in Chittagong has booked near about 3,000 MT sponge iron at close to USD 378/MT, CFR.
Wire rod Import -- Wire rod (5.5 mm) was recently imported at USD 620/MT CFR from China and last week it was registered at USD 635/MT CFR (5.5 mm) from Indonesia, as per trade participants.
source: SteelMint
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