Imported HRC Offers to Bangladesh Slide Further

Market sources based in Bangladesh reported constant decline in HRC offers from China and Russia. Persistent decline in steel prices from China amid demand-supply mismatch in turn lead to fall in imported HRC offers to Bangladesh.

Imported HRC offers to Bangladesh fell by USD 10-20/MT W-o-W basis.Currently imported HRC (2mm) offers to Bangladesh is assessed around USD 550-560/MT CFR Chittagong for Dec shipments. Last week's assessment was at USD 570-580/MT CFR Chittagong.

Chinese based major steel maker-Baosteel is offering HRC ( 2mm) at USD 560/MT CFR basis.

However currently Chinese mills are offering HRC exports around USD 515-520/MT FoB basis.

Market participants mentioned that,"Anticipating further decline in offers in near term, few of the steel mills in Bangladesh have postponed bulk purchase for Dec shipments."

Meanwhile Russian based MMK steel is also offering HRC at around USD 550/MT CFR basis for Dec shipments.

Bangladesh Bulk Steel Coil Imports in Oct'18 - As per provisional data maintained with SteelMint,Bangladesh bulk vessel imports in Oct'18 stood at 77,873 MT moved up by 8.2% against 71,910 MT in Sep'18.