Business activity in Bangladeshi scrap market has dwindled to almost zero, affected by lockdown restrictions and the rainy season. “Here, in Bangladesh the Covid situation is getting worse every day, with a death rate rapidly increasing every day. The government has imposed restrictions on activities, trying to prevent the worsening of the situation. As a result, buying activity in the scrap segment has almost stopped,” a Bangladesh-based trader commented. Moreover, trading is not expected to increase in the coming days due to the approach of the Feast of Sacrifice holiday, in particular.
Taking into account the abovementioned developments, foreign scrap suppliers have not been in a hurry to lower their offers to the Bangladeshi market. Accordingly, during the current week HMS I/II 80:20 scrap in containers was mainly available at $525-530/mt CFR Chittagong, almost unchanged in comparison with late June, though one booking for 1,000 mt of ex-Brazil HMS I/II 80:20 scrap was reported at $515/mt CFR.