The reported deal price was close to USD 350/MT CFR Chhittagong, Bangladesh, equivalent to USD 325/MT CPT Benapole (dry port of India & Bangladesh). Last week, offers were reported at USD 325/MT CPT Benapole & USD 345-350/MT, CFR Chhittagong, Bangladesh.
In addition to this, participants informed that the deals have started taking place as there are less possibilities of further decline in offers in near term amid less supply for domestic as well as for export owing to monsoon and less capacity utilisation.
Offers for sponge iron in Indian market is hovering at INR 21,500-21,700/MT (USD 314-317) Ex-Durgapur & INR 20,800-21,000/MT (USD 303-306) Ex-Rourkela, East region. However offers in other major markets stood at INR 22,000-22,200/MT (USD 321-324) Ex-Raipur, Central region & INR 19,300-19,500/MT (USD 281-285) Ex-Bellary, South India.
Imported Scrap Prices Fall
In recent deals, Imported scrap prices in Bangladesh down by USD 5/MT, as per SteelMint assessment. Weak steel demand has dragged down local steel prices in Bangladesh, resulting in average buying for raw materials.
Offers for Shredded 211 scrap from UK sold in containers are in the range of USD 369-372/MT, CFR Chittagong. In line HMS 1 from South Africa sold at USD 355-356/MT, CFR levels and HMS 1&2 (80:20) offers remain in the range of USD 340-350/MT depending on various origins like Chile, UK and Europe which has remained almost stable as against report last week.
Local steel prices in Bangladesh
Melting Scrap - BDT 35,000-35,500/MT (USD 413-420).
Ship cutting plate (16-20 mm) - BDT 42,400/MT (USD 500).
Rebar of Medium-scale - BDT 59,000-61,000/MT (USD 697-709).
