Bangladesh's imported containerized scrap prices edged up this week as global scrap markets strengthened amid a supply shortage. Meanwhile, market has remained quite in the bulk segment “as most suppliers have been refraining from any discounts while Bangladeshi buyers are unwilling to pay higher prices”, according to sources.
More specifically, in the bulk segment, most offers for ex-US HMS grade scrap have been estimated at $375/mt CFR, while offers for shredded and bonus scrap have settled at $380/mt CFR and $385/mt CFR, respectively, up by $5-10/mt week on week. However, according to market insiders most buyers have been still looking for materials at $360/mt CFR levels. “Mills in Bangladesh have good inventories until around May, only some are still in the market, but we don’t think they will accept $370-375/mt CFR levels,” a Bangladeshi trader told SteelOrbis.
“The Indian market remains sluggish, so Bangladeshi importers are not aggressively seeking import materials either,” he added.
Offers for ex-Japan H2 scrap in bulk have been estimated at $340/mt CFR, mainly the same as last week, but according to sources, some buyers have been aiming $335/mt CFR in new round of purchases.
In the containerized segment, offer for ex-EU/UK shredded scrap have been voiced at $385-388/mt CFR, up by $5-8/mt week on week, while a deal price for ex-Australia shredded scrap has been reported at $375/mt CFR, the same as last week. Offers for ex-Hong Kong PNS scrap have been reported at $390/mt CFR level, following several deals at $383-385/mt last week.
According to sources, despite local scrap shortages, mills are cautious with imported bookings, closely watching global price trends before committing to new deals. Offers for local PNS scrap have been estimated at BDT 57,000-58,000/mt ($471-480/mt) and at around BDT 55,000/mt ($455/mt) for other specifications, mainly the same as last week.
$1 = BDT 120.85