Customers in Bangladesh have still been active in purchases of ex-US scrap, unlike importers from other Asian countries like Pakistan, India and others. As a result, at least three deals for bulk cargoes from the US to Bangladesh have been reported over the past week ended on Monday.
The most recent contract was signed at $265/mt CFR for ex-US HMS I/II 80:20 late last week, while the price for this grade was mostly at $280/mt CFR a week earlier. A contract for shredded scrap was done from the US at $275/mt CFR Bangladesh in the second half of last week. Also, early last week an ex-US deal to another Bangladeshi steelmaker was heard at $275/mt CFR for HMS I/II 80:20 and $280/mt CFR for shredded. This means that prices for different grades fell by $5-10/mt within the week.
Demand for bulk cargoes in Pakistan has been weak and buyers’ price idea for shredded scrap by bulk has fallen to $270/mt CFR, which is down $20/mt compared to the level in the second week of March.
Offers for scrap in containers in Bangladesh have been heard at about $280/mt CFR, but the workable level has already slipped to not above $265/mt CFR.