Bangladesh: Imported HRC Offers from Chinese Mills Decline; Deals Reported

This week imported HRC offers to Bangladesh from China witnessed marginal decline by USD 5-10/MT. Market participants mentioned that buying sentiments have improved this week as buyers are booking material ahead of monsoon season.

Currently imported offers of HRC to Bangladesh for (1.8-2mm) from major mills in China is assessed at USD 640-645/MT CFR Chittagong. Last week the offers were prevailing around USD 645-655/MT CFR Chittagong.

As per market sources,Bangladesh based importer has booked HRC cargo of around 50,000MT in the range of USD 645/MT CFR Chittagong for May shipments.

A manufacturer based in Bangladesh mentioned that,"Inquiries for import bookings may improve in near term since coming months of May & June are expected to keep demand good."

Further he added Bangladesh New Year is arriving (14-15th Apr'18) which may affect the market sentiments for short term as most of the steel mills will remain on holiday. Also prevailing rains have some how impacted trade activities.

Imported HRC Offers from Japanese/Korean mills to Bangladesh - According to market sources report, few offers from Japanese mills is around USD 670/MT CFR basis. However few other mills are likely to announce offers next week.

South Korean based steel maker has earlier given the price indication of around USD 680-690/MT CFR basis.But currently no major deals have been concluded with Bangladesh as the offers from China remain competitive.