Bangladesh: Steel Mills Raise Rebar Offers after Budget Announcement
Medium size re-rollers in Bangladesh have increased their rebar offers following budget announcement however trade volumes remain limited as market awaits further clarity on budget.
As per SteelMint's assessment, presently the mid sized mills rebar trade reference prices in Dhaka, Bangladesh is hovering at BDT 62,500-63,000/MT (USD 740-746); up by BDT 1,000-1,500/MT (USD 12-18) against last week assessment for 500 W. The prices are ex-works, including local taxes & size 8-32 mm.
In line, one of the major large mill also raised its rebar offers by BDT 1,000-1,100/MT against previous week and current offers are at BDT 65,500-66,000/MT (USD 776-781); ex-works, including local taxes & size 8-32 mm.
As per market participants, trade volumes are not healthy in comparison to previous month amid limited clarity regarding taxation as well as VAT part for the steel sector.
There are expectations among trade participants that steel prices could surge further as much as BDT 3,000-4,000/MT within few days and would exist in near term. As per this week's assessment, prices have already moved up by around 3-3.5% on W-o-W basis.
In line with this, domestic billet prices stood at same levels and are reported at around BDT 52,500-53,000/MT (USD 622-628), ex-works in Dhaka.
Imported scrap offers to Bangladesh up by USD 5-10/MT
Imported Scrap offers have moved up by USD 5-10/MT against last week. HMS (80:20) assessment reported at around USD 320/MT, Shredded at USD 335-340/MT.
Indian Sponge iron (DRI) export offers to Bangladesh for 78-80 Sponge iron lumps is assessed at around USD 295/MT CNF Chittagong, Bangladesh. As per sources, recent one of the large Bangladeshi mill has booked Indian sponge iron at USD 290-295/MT CNF Chittagong.
source: SteelMint
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