Bangladesh: Rebar Prices Drop on Low Trade Volumes
Medium sized re-rollers in Bangladesh have reduced their rebar offers against last week assessment due to inadequate demand of finished steel which has narrowed down post Eid festivals.
As per market participants, finish steel demand has been affected since the budget announcement where the taxation part has been increased and finish steel prices got narrowed down due to dull sentiments.
Mounting stock levels remained a concern and finished steel prices has been contracted by around BDT 2,000-2,500/MT, as per market requirement whereas it was earlier expected that finish steel demand likely to improve post Eid festival.
As per SteelMint's assessment, presently the rebar trade prices of the mid-sized mills in Dhaka, Bangladesh is hovering at BDT 55,500-56,500/MT (USD 658-669); for 500 W. The prices are ex-works, including local taxes & size 10-32 mm.
In context to large scale mills, the rebar offers were reported at around BDT 62,000-62,500/MT (USD 735-741) ex-works, Chittagong, including local taxes & size 10-32 mm. These prices moved down by around BDT 2,000-2,500/MT as per last assessment.
In line, domestic billet offers observed contraction and reported at BDT 45,000-45,500/MT (USD 533-539); 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 are no fresh bookings for sponge iron imports and the offers of Indian origin sponge iron (FeM 79-80, 100% lumps) reported at around USD 265/MT CPT Benapole, equivalent to USD 280-285/MT CFR Chittagong, Bangladesh.
source: SteelMint
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