Bangladesh: Steel Mills Hold Rebar Offers on Awaited Budget Outcome

Medium sized re-rollers in local market of Bangladesh have kept their rebar offers unchanged as market awaits declaration of national budget.

As per SteelMint assessment, presently the mid sized mills rebar trade reference prices in Dhaka, Bangladesh is hovering around BDT 61,000-62,000/MT (USD 722-734); same as against last week assessment for 500 W. The prices are ex-works, including local taxes & size 8-32 mm.

However, few large mills have kept their rebar offers unchanged against previous week and current offers are at BDT 63,500-64,500/MT (USD 752-763); ex-works, including local taxes & size 8-32 mm.

As per market participants, trade volumes are upto the mark. There are expectations that budget might further push finish steel price with upcoming changes in tax structure. Last week rebar prices moved up by BDT 2,500/MT (USD 30).

Further, it's been anticipated amongst market players that final budget might support the infrastructure projects with adequate domestic funding along with capital investment i:e; FDI (foreign direct investment) from nation's trade associates and might support steel industry in company with other industries.

In line with this, domestic billet prices exist in same level and are reported at around BDT 51,000-52,000/MT (USD 604-615), ex-works in Dhaka.