IRON and STEEL
In the latest conversation with market sources based in Bangladesh, SteelMint analyzed that imported HRC offers to Bangladesh from China witnessed significant decline by USD 20-25/MT in last couple of weeks. Bangladesh market has opened this week after Eid holidays.
Currently imported HRC (2mm) offers to Bangladesh is hovering around USD 520-525/MT CFR Chittagong. However before Eid holidays offers were prevailing at USD 548-550/MT CFR basis assessed in end May’19.
Thus continual decline in HRC export offers from China in turn leads to downturn in imported HRC offers to Bangladesh for Jul Aug shipments.
A steel importer based in Bangladesh shared that,”Market sentiments in Bangladesh continue to remain slow post Eid holidays as importers have recently resumed to work. Meanwhile they are currently observing HRC export offers and expecting further downside in steel prices from China for July Aug shipments”.
However few importers may plan to book some material shortly ahead of monsoon season arriving in the month of July.
Bangladesh bulk vessel HRC import data in May’19- As per provisional data maintained with SteelMint, Bangladesh bulk vessel imports in May’19 summed-up to 69,372 MT and shrunk by 19% against 85,846 MT in Apr’19.