Demand for containerized import scrap in Bangladesh has improved this week and higher prices have been achieved in some deals. The bulk scrap segment has been quiet as offers have been too high for customers.
Accordingly, several cargoes for ex-Malaysia and ex-UK busheling scrap in containers have been reportedly sold at $665/mt CFR this week, up by around $10/mt week on week. Besides, a supplier from Malaysia has sold a cargo for around 4,000 mt of PNS scrap at $660/mt CFR. Meanwhile, offers for ex-Canada PNS scrap have been voiced at around 654/mt CFR, up by $10/mt over the past week.
Furthermore, a deal for around 4,000 mt of HMS grade scrap from South Africa has been signed at $630/mt CFR. Several deals for ex-Brazil HMS I/II 80:20 scrap have been reported at $625-640/mt CFR, compared to last week’s sales of the same grade at $620-625/mt CFR. Another deal for ex-Chile HMS I/II 90:10 scrap has been heard at $625/mt CFR, the same as last week.
At the same time, no bookings have been heard in the bulk scrap segment. Offers from US sellers for HMS I/II 80:20 scrap by bulk to Bangladesh have been reported at not below $700/mt CFR and buyers have been reluctant to sign new deals.
In the meantime, 10-16 mm rebar in Bangladesh is available at around BDT 83,000-88,000/mt ($965-1,023/mt) ex-warehouse, up by around BDT 1,000/mt ($12/mt) over the past week. “Local mills hiked their price, but the Bangladesh market has remained very slow. Markets like Bangladesh are not prepared to go ahead with construction on high prices, except for the government and public development projects,” a market insider told SteelOrbis.
“Most scrap buyers in Bangladesh believe this is a temporary increase and prices are likely to go down soon as the market will be in a lull during Ramadan,” a source stated.
