Bangladesh: Rebar Prices Stable Amid Low Demand

As per SteelMint assessment, domestic rebar prices in Bangladesh have remained stable on weekly basis. However slight corrections were registered during mid week but overall price rebounded of medium and large scale mills to previous week's level.

The medium scale mills mentioned that, limited buying inquiries are still a major concern where most of the supply movement is addressed through the traders and retailers. This resulted in minor corrections in rebar offers towards the mid-week.

Although demand-supply scenario of large mills' maintained a balance, demand is anticipated to grow post the monsoon ends.

As per assessment, currently local Rebar (8-32 mm) prices in Dhaka, Bangladesh by medium-scale mills is hovering at BDT 56,000/MT (USD 669), stable against last week offers.

Similarly few large scale rebar manufacturers have kept offers firm and reported at around BDT 62,500/MT (USD 746), Size �" 8 mm to 32 mm, 500 W. The prices mentioned above are ex-works & including local taxes.

Further, the market participants stated, domestic finished steel demand is still inappropriate and also mentioned stability in local raw materials.

The local Billet prices in Dhaka reported almost stable and currently traded at BDT 50,000/MT (USD 597/MT).

Scrap prices -- Domestic melting scrap (HMS) reported at BDT 33,300-33,500/MT (USD 398-400) Ex-Chittagong. Meanwhile the Ship cutting plate (16 mm) prices in Chittagong assessed at BDT 40,500 (USD 484). The prices are ex-works & excluding taxes.

Sponge iron import offers -- Indian sponge iron export offers to Bangladesh remain firm and are assessed at USD 390-391/MT CFR Chittagong.