Bangladesh - Imported HRC Offers from China Slump Over Dull Buying

Recently SteelMint learned from market participants that imported HRC offers from China have witnessed decline by USD 15-20/MT owing to dull buying interest post festive holidays in Bangladesh market.

As per assessment,imported HRC offers ( 1.8 - 2 mm) to Bangladesh from China is assessed around USD 620-625/MT CFR Chittagong for October shipments. However before holidays imported HRC offers were assessed around USD 640-645/MT CFR basis.

Major manufacturer in Bangladesh quoted,"Market sentiments remain dull post festive holidays.Buyers will start booking the material from first week of September as they are anticipating further correction in Chinese prices"

HRC offers from Japanese mills remain on higher side -Japanese mills are offering imported HRC to Bangladesh on higher side which is around USD 640-650/CFR basis for October shipment. Thus importers are preferring imported material from China over economical prices.

However Korean mills will also offer imported HRC to Bangladesh in near term.

HRC offers from Turkish mills for November shipments-Amid depreciation of Turkish currency Lira against USD along with imposition of double tariffs by USA resulted to trade diversion to other importing nations.

Market participant shared that, Turkey mills have started offering HRC to Bangladesh in the range of USD 600-605/MT CFR basis for Nov shipments.