Bangladesh: Rebar Offers Down by BDT 500/MT (USD 6)

Medium scale re-rollers in local market of Bangladesh have lowered their rebar offers as per market requirements, as per trade participants.

As per them, ongoing festival and less trade activities have urged re-rollers to slightly reduce offers amid inappropriate bids by user segments. Meanwhile construction works being negatively affected due to absence of labour amid ending festive season, SteelMint learned in conversation with trade sources.

As per assessment, presently the mid sized mills rebar offers in Dhaka, Bangladesh is hovering at BDT 59,500-60,500/MT (USD 703-715) for 500 W; slightly down by BDT 500/MT (USD 6) on weekly basis. The prices are ex-works, including local taxes & size 8-32 mm.

Further, actual trade concluded with trade discount by BDT 800-1,000/MT (USD 9-12), as stated by participants.

In line domestic Billet prices, the Bangladeshi mills slightly lower their prices by BDT 500/MT (USD 6) and reported at around BDT 50,500-51,000/MT (USD 597-603) ex-works in Dhaka.

Imported raw material offers rally

Indian Sponge iron (DRI) export offers to Bangladesh continued rallied due to surge in Indian domestic price range and the current offers for 78-80 lumps is assessed at around USD 325-330/MT, however last purchase by the mills reported at around USD 320/MT CNF Chittagong, Bangladesh.

Also, imported scrap offers to Bangladesh surge subsequently following improved demand from Turkey which is the largest buyer of scrap in the world.

The fresh offers for containerized Shredded scrap from UK stands in the range of USD 350/MT, CFR Chittagong and offers for HMS 1 in 20ft containers from South America witnessed at around USD 340/MT, CFR Chittagong, an increase by USD 8-10/MT against last week's assessment.