Steel prices in Bangladesh remain flat amid an oversupply
but mills that require material need to keep buying to keep their furnaces running despite the higher prices, market participants said.
A Bangladeshi steelmaker source told Fastmarkets that his mill was short on material and he was looking to procure either a bulk cargo or a spate of containers soon.
“There’s been a jump of almost $10 per tonne in the price every day this week – it’s madness,” a South Asian trader said. “Mills in Bangladesh want to pay the same prices as Vietnam, which in a rising market is a no-go for us.”
In an illiquid and stable market, a deal could be reached to modify shipment size to save money on freight and reduce the scrap price in a sale to Bangladesh but in a rising market...