With the Bangladesh government extending the lockdown till June 6, sentiment in the steel market remained hit. The southwest monsoon is also set to arrive soon which could keep steel demand and prices under pressure. Bookings of ferrous scrap from seaborne markets, therefore, were slow on Tuesday.
The daily Davis Index for containerized shredded was unchanged at $530/mt cfr Chattogram in a silent market.
In Turkey, the index for US-origin HMS 1&2 (80:20) was unchanged on Monday at $502.31/mt cfr amid a lack of deals. But sellers kept offers firm on elevated container freight rates.
Yards preferred bulk inquiries due to a shortage of empty containers. But mills avoided bulk bookings amid sluggish domestic steel demand.
The index for US-origin containerized HMS 1&2 (80:20) was also unchanged at $507.50/mt cfr. Last week, many deals for HMS 1&2 (80:20) were heard in the range of $490-510/mt cfr Chattogram depending on the origin.
Rebar sales continued to disappoint large steelmakers who had to hike prices due to high input costs. After returning from Eid holidays, large-scale steelmakers have hiked rebar prices by BDT250-1,000/mt ($2.95-11.80/mt) to BDT63,000-73,500/mt ex-works.
($1=BDT84.75)