The import scrap market in Bangladesh has continued to remain in a lull during the past week given still slow finished steel demand coupled with problems with opening letters of credit (LCs).
“Most of the steel mills are still struggling to get permission to open LCs for scrap,” a market insider told SteelOrbis.
Imported offers for scrap in containers have remained mainly unchanged over the past week. More specifically, offers for ex-UK shredded scrap have been voiced at $450-455/mt CFR, the same as last week, while offers for PNS scrap from the UK, Hong Kong and Singapore have been heard at $465-470/mt CFR. “The problem is that, although offers are stable, there are no LCs,” an international trader said.
Meanwhile, in the bulk segment, offers for ex-US HMS grade scrap have been voiced at around $415-420/mt CFR, the same as last week, though with no fresh deals reported so far.
Prices for local scrap in Bangladesh have been reported at around BDT 60,000/mt ($560/mt) ex-warehouse, down by BDT 5,000/mt ($47/mt) on the higher end of the range week on week. Besides, prices for domestic 10-16 mm rebar have settled at around BDT 95,000-96,000/mt ($887-896/mt) ex-works, compared to BDT 96,000/mt ($896/mt) ex-works last week.
$1 = BDT 107.15