Following active negotiations for scrap in bulk last week, market insiders have finally reported about fresh bookings. At the same time, purchases of scrap in containers remained occasional, with prices exceeding offers in bulk.
Specifically, a deal for around 30,000 mt mixed ex-US cargo in bulk was done last week at $455/mt CFR for HMS grade scrap and at $460/mt CFR for shredded. Besides, another mixed cargo for 34,000 mt in total ex-Baltic was done last Friday, August 19, at $444/mt CFR on average, including 27,000 mt of HMS grade scrap at $439/mt CFR and 7,000 mt of bonus scrap at $449/mt CFR.
In the meantime, according to market insiders, Bangladeshi customers are interested in signing new deals at $440-450/mt CFR on average for mixed cargoes in bulk, including HMS grade scrap, shredded and bonus.
Meanwhile, trade has remained muted in the containerized segment this week. Offer prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at around $510-520/mt CFR, same as last week. Offers for ex-UK HMS I have been voiced at $475/mt CFR, up by $5/mt week on week, though no deals have been signed so far, as customers are bidding at $455/mt CFR.
“India is doing very well, ignoring pressures for its own business and interest. But since Bangladesh cannot do like India due to so many factors, the market trajectory goes up and down. Here [in Bangladesh] buyers will continue to buy scrap in bulk until the prices for containerized scrap will reach the same level,” a market insider told SteelOrbis.