Bangladesh: Imported HRC Market Gains Momentum; Deals Reported

Market sources shared with SteelMint that steel importers based in Bangladesh are actively booking imported HRC from China, Japan and Korea for June shipments.

As per the update received, last week an steel importer based in Bangladesh booked 10,000 MT HRC ( 2mm,thinner gauge) at USD 560/MT CFR basis from Chinese steel major - Baosteel for June shipments.

However, towards mid of this week, few Chinese mills have raised offers to USD 540-545/MT, FoB China. This would translate imported offers to Bangladesh at USD 580/MT, CFR Bangladesh.

Last week SteelMint reported that Bangladesh based steel importer books 15,000 MT of HRC with Japanese based Nippon steel at USD 565/MT CFR basis for May end June shipments.

Bangladesh bulk vessel HRC import data in Apr'19- As per provisional data maintained with SteelMint, Bangladesh bulk vessel imports in Apr'19 stood at 85,846 MT up by 9% against 78,548 MT in Mar'19.