Bangladeshi scrap importers have been showing minimal interest in containerized bookings this week given bank issues such as letter of credit (LC) restrictions in particular. At the same time, offers for scrap in bulk have decreased this week, with some negotiations and even bookings reported in the market.
Specifically, no fresh deals for scrap in containers have been reported in Bangladesh this week, with offers for ex-UK shredded 211 scrap, standing at $510/mt CFR, versus $510-515/mt CFR last week. “As of now Bangladesh is silent. Most of the buyers are struggling to establish previous LCs,” a Bangladeshi trader told SteelOrbis.
Meanwhile, offers for ex-US HMS grade scrap in bulk have been voiced at around $480/mt CFR, down by $10/mt over the past week. According to sources, there was a deal from the US for shredded scrap in bulk at $485-488/mt CFR and at $483/mt CFR for HMS grade scrap, though this information has not been confirmed by the time of publication. Besides, sources have reported another booking for an ex-US mixed cargo at $485/mt CFR for shredded scrap, $490/mt CFR for bonus scrap and at $475/mt for HMS grade materials. “There are some negotiations for bulk scrap, which have probably resulted in fresh deals already, but there is no official confirmation so far,” a market insider said.