Imported HRC Offers to Bangladesh Fall Amid Downside in Chinese Steel Prices
SteelMint in conversation with trade participants in Bangladesh shared that imported HRC offers fell by USD 5-10/MT as Chinese steel prices started softening in domestic and global market.
Meanwhile weakening sentiments in Bangladesh domestic market has also lead to falling imported HRC offers since buyers are cautiously booking the material for April end May shipments.
Chinese based major steel mill Baosteel is offering HRC ( 2mm) at around USD 570/MT CFR Chittagong. Meanwhile other steel mills based in China is offering imported HRC at around USD 570-575/MT CFR basis for April end May shipments.
Last week imported HRC offers to Bangladesh were hovering at USD 580-590/MT CFR Chittagong.
Meanwhile Chinese HRC export offers are assessed around USD 525-530/MT FoB China.
An HRC importer based in Bangladesh shared that,”Importers based in Bangladesh are waiting for further decline in HRC export offers from China. Meanwhile Japanese mills are also likely to open their fresh offers for Bangladesh in upcoming days”
However no active offers have been heard from South Korea these days.
Bangladesh bulk HRC import data surge in Mar’19- As per provisional data maintained with SteelMint, Bangladesh bulk vessel imports in Mar’19 stood at 78,548 MT upsurge by 76% against 46,260 MT in Feb’19.
source: SteelMint
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