Bangladesh: Rebar sales improve slightly, mills await Kanto scrap tender results

Bangladesh's domestic steel market has gained slight momentum, after the lockdown was lifted last week, SteelMint learnt. Major mills have kept their rebar offers at BDT 72,000-73,000/t exy-Chittagong. Dhaka-based mills too kept rebar prices stable at BDT 68,000-70,000/t exy. Due to the ongoing monsoon, buyers are less active but it is expected that the market would likely get a boost from mid-September.

Containerised imported scrap prices inch down: Bangladesh's imported scrap market has witnessed less trade deals additionally due to Muharram. Many market players were absent on account of the Muharram Ashura holiday this weekend.

Recent containerised offers and deals

• UK/EU-origin shredded is being offered at $540-550/t CFR levels. SteelMint's assessments stand at $545/t CFR levels.
  
  
• UK-origin HMS 1&2 (80:20) are now being quoted at $505-510/t CFR, stable w-o-w.
  
  
• Whereas, offers from different origins for HMS 1 are being cited at $530-535/t CFR levels.
  
  
• Few deals were actively concluded by a major mill, including UK HMS 1&2 (80:20) at $510-515/t CFR, and UK-origin PNS at $550-555/t, CFR for 1,000 t each.
  
  

Bulk scrap buyers await Kanto tender results: Bangladesh's bulk scrap import market remained a tad less active due to high offers and increased freight charges, SteelMint learnt from sources. US-origin shredded scrap offers were heard at $550/t CFR Chittagong. On the other hand, steel mills in Bangladesh are bidding at $530/t CFR Chittagong levels. Due to bid-offer disparity, the market remains quiet at the moment.

Buyers are also awaiting the Kanto scrap export tender results scheduled tomorrow to get clarity on bulk Japanese scrap offers. However, price indications are heard at around $540/t CFR levels for bulk H2.