Rebar Prices in Bangladesh Slump on Falling Demand
Medium sized re-rollers in Bangladesh have reduced their rebar offers sharply owing to limited buying inquiries from the traders and associates. Also ongoing monsoons have kept rebar demand dull in the country.
As per SteelMint's assessment, presently the rebar trade prices of the mid sized mills in Dhaka, Bangladesh is hovering BDT 59,000-60,000/MT (USD 699-710); down by BDT 1,000/MT (USD 12) as against last week assessment for 500 W. The prices are ex-works, including local taxes & size 8-32 mm.
As per industry participants in Dhaka, finish steel prices are likely to remain under pressure amid weak sentiments in domestic market along with liquidity crunch as payment cycle being delayed in comparison with prior to monsoon.
In addition it is being learned that, upcoming festive season in the country may result in poor lifting of finished products.
In context to large scale mills, the rebar offers reported at around BDT 65,000-66,000/MT (USD 770-781) ex-works, Chittagong, including local taxes & size 8-32 mm. These prices are stable on weekly premises.
Further, domestic billet offers moved down by BDT 1,000/MT (USD 12) and are reported at BDT 49,000/MT (USD 580), Few trades were also learned about BDT 48,500/MT (USD 574); ex-works in Dhaka.
Following weak demand & constant drop in domestic steel prices in Bangladesh, the major producers in Chittagong have slowed down raw material bookings as there is no fresh deals for sponge iron imports and the offers of Indian origin sponge iron FeM 79-80 is at USD 285-290/MT CFR Chittagong, Bangladesh.
Imported scrap prices to Bangladesh witnessed decline on limited trades and fresh offers for containerized Shredded scrap from UK, Europe and USA stands at USD 325-327/MT, down by USD 5-7/MT in comparison to last week, while few suppliers in USA were reported to be offering at around USD 328/MT; CFR Chittagong.
source: SteelMint
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