Bangladesh’s imported scrap market has remained largely stable during the past week though most buyers have continued to insist on additional discounts. Cautious sentiment dominates the market, with election uncertainty adding to the slowdown and keeping most buyers inactive unless purchases are unavoidable.
Offers for shredded scrap from the EU have remained at $365/mt CFR, while offers for ex-EU HMS I/II 80:20 scrap have been voiced at $340-345/mt CFR levels. Besides, offers for ex-Australia shredded have remained at $365/mt CFR, though, according to sources, a deal for ex-Australia shredded scrap has been signed at $360/mt CFR.
Furthermore, according to sources, a deal for around 1,000 mt of ex-Australia PNS scrap has been signed at $370-373/mt CFR levels, while a few more deals for around 5,000 mt in total of ex-Singapore and ex-Malaysia PNS scrap have been heard at $365/mt CFR.
In the bulk segment, offers for ex-US HMS scrap have been voiced at around $355-360/mt CFR, compared to $350/mt CFR two weeks ago.
According to sources, a bulk cargo for ex-Singapore PNS grade scrap is reported to have been booked at $367/mt CFR. However, according to sources, buyers’ bids for ex-Singapore and ex-Malaysia PNS scrap in bulk have been voiced at around $363/mt CFR.
Indicative offers for ex-Japan H2 scrap have remained at $340-345/mt CFR, the same as two weeks ago.
“Scrap demand should stay range-bound until domestic steel use rises, and, although winter may firm up global supply somewhat, heavy stocks and election uncertainty will restrict any price recovery,” a local trader told SteelOrbis.
