Business activity in the Bangladeshi scrap market has remained at a standstill this week since the buyer region are in Ramadan, coupled with low demand from end-users. At the same time, most scrap suppliers have decreased their offers to Bangladesh, following drops in India and Pakistan this week.
More specifically, indicative offers for ex-UK shredded scrap in containers have been voiced at $500/mt CFR, down by $10/mt week on week. Besides, according to some sources, several offers have already been heard at $495/mt CFR. Furthermore, offers for PNS scrap from the UK and Hong Kong have been reported at $505-510/mt CFR, down by $10-15/mt week on week. However, no deals have been reported so far, as buyers have continued to struggle due to the letter of credit (LC) issue, which, according to most sources, is unlikely to be resolved even after Ramadan and the Eid holiday.
Meanwhile, no new offers for scrap in bulk have been reported this week, with the last offers for ex-US HMS grade scrap voiced at $480/mt CFR last week. “Given the situation in Turkey, buyers in Bangladesh expect prices for scrap in bulk to drop in deals,” a market insiders told SteelOrbis.