IRON and STEEL
This week imported HRC offers to Bangladesh witnessed drop of USD 5-10/MT following lower HRC export offers from China.Bearish market sentiments results to weaker HRC export offers from China.
Currently Chinese HRC export offers is assessed around USD 555-565/MT FoB basis.
However currently imported HRC (2mm) offers to Bangladesh is hovering around USD 595-600/MT CFR Chittagong for Nov-Dec shipments. Prior to this, as per previous assessment imported HRC offers from Chinese mills to Bangladesh stood at USD 605-610/MT CFR basis.
Meanwhile, China based major steel mill Baosteel is offering HRC (2mm) at USD 600/MT,CFR levels.
Few trade sources based in Bangladesh commented that,”Currently no bookings have been made despite lower offers as sentiments in domestic market remain weak in Bangladesh”.
Although currently no active offers from Japanese and Korean steel mills for Nov shipments.
Bangladesh Bulk Steel Coil Imports in Sep’18- As per provisional data maintained with SteelMint, Bangladesh bulk vessel imports in Sep’18 stood at 71,910 MT, lower by 12% against 81,368 MT in Aug’18.