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Bangladesh: Imported HRC Offers Drop Further Following Slump in Chinese Prices

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BigMint Bureau

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30 Nov 2018, 13:47 IST

Bangladesh: Imported HRC Offers Drop Further Following Slump in Chinese Prices

This week imported HRC offers to Bangladesh fell further by USD 20-25/MT owing to significant fall in Chinese steel prices. Market sources based in Bangladesh reported that persistent decline in steel prices from China in turn lead to fall in imported HRC offers to Bangladesh.

Currently imported HRC (2mm) offers to Bangladesh is assessed around USD 530-535/MT CFR Chittagong for Dec shipments. However no major deals heard in these offers.

Last week's assessment was at USD 550-560/MT CFR Chittagong in which several deals got concluded.

However currently Chinese mills are offering HRC exports around USD 485-500/MT FoB basis.

Market participants mentioned that,"Importers of HRC are expecting further decline as China is constantly showing significant downtrend in prices both in domestic as well as in export offers".

Bangladesh Bulk Steel Coil Imports Decline in Nov'18 - As per provisional data maintained with SteelMint,Bangladesh bulk vessel imports in Nov'18 stood at 46,420 MT in Nov'18 decline by 40% against 77,873 MT in Oct'18.