Limited end-user demand and financial constraints have continued to subdue the Bangladeshi scrap market this week, and, although import prices for containerized scrap have decreased slightly, trade activity has been close to zero. Meanwhile, most foreign suppliers for scrap in bulk have kept their prices relatively unchanged, with only a deal for ex-Japan scrap reported to have been done this week.
Specifically, a booking for 15,000 mt of ex-Japan H2 scrap in the Kanto Tetsugen export tender has been made at JPY 50,236/mt ($337/mt) FAS, indicating a decline of JPY 1,080/mt or $12/mt. The price translates to around $407-410/mt CFR Bangladesh.
Meanwhile, indicative offers for ex-US HMS I/II 80:20 scrap have been estimated at $420/mt CFR and for shredded 211 scrap at $425/mt CFR, the same as last week, with no deals reported so far.
In the containerized segment, however, offers for shredded scrap have lost around $5/mt over the past week, falling to $425-430/mt CFR, mainly for ex-UK and ex-Australia origins. Offers for ex-Australia and New Zealand HMS I/II 80:20 scrap have been reported at $420/mt CFR, down by $5/mt over the past week. Meanwhile, offers for PNS scrap have remained unchanged at around $445/mt CFR.
“We don’t expect any improvement in the LC issue in the coming months amid the approaching elections on January 24,” a Bangladeshi trader told SteelOrbis.