Imported HRC Offers to Bangladesh Fall Upto USD 20 Following Global Downturn

Imported HRC offers to Bangladesh have come down further this week by USD 10-20/MT.

Imported HRC offers to Bangladesh from China- Chinese HRC export offers continue to remain on downside over volatile futures and softening sentiments in domestic market. Meanwhile pressure of securing more orders in export market pushed Chinese steelmakers to reduce offers in overseas market. This resulted to decline in imported HRC offers to Bangladesh from China.

Chinese mills have slashed their imported HRC offers to Bangladesh by around USD 10-15/MT and is assesed around USD 490-500/MT CFR Chittagong as compared to USD 505/MT CFR basis in the previous week. However no major deals have been concluded yet.

Imported HRC offers to Bangladesh from India- Market sources also shared that Indian steel-mills are offering imported HRC to Bangladesh at USD 480- 485/MT CFR Chittagong lower by USD 20/MT against USD 500-505/MT CFR basis a week ago.

Last week SteelMint reported that major Indian steelmaker booked 15,000 MT of HRC for Sep deliveries at USD 500/MT CFR Chittagong.

Thus higher inventories and reduced demand in domestic market prompting Indian steel mills to export HRC to overseas buyers.

Imported HRC offers to Bangladesh from Japan- Imported HRC offers to Bangladesh from Japan is heard around USD 500-505/MT CFR Chittagong which was USD 515/MT CFR in preceding week.

Imported HRC offers to Bangladesh from Taiwan- SteelMint also learned from market sources that a Taiwan based major steelmaker is offering imported HRC at around USD 490/MT CFR Chittagong for Oct shipments.

However no major deals have been concluded yet as buyers are anticipating further downside in prices.

Bangladesh bulk vessel HRC import in Aug'19- As per provisional data maintained with SteelMint, Bangladesh's bulk HRC vessel imports in Aug'19 stood at 69,443 MT up by 22% against 57,006 MT in Jul'19. Japan and Taiwan stood as major HRC exporters to Bangladesh in Aug'19.