Prices for import scrap in Bangladesh have posted sharp drops, especially in the containerized segment, over the past week, though trade activity was close to zero affected by slow demand due to heavy rainfalls in many parts of the country, coupled with production cuts due to higher electricity tariffs and the depreciating national currency. “Maybe some small buyers will book scrap for stock feeds, but big buyers won’t buy as they have already secured sufficient bulk cargoes for July shipments,” a market insider told SteelOrbis.
Specifically, following scrap bookings for at least 80,000 mt in total last week, no new bulk scrap bookings have been reported this week. Indicative offers for ex-US and ex-Europe HMS grade scrap have been reported at $400/mt CFR, compared to $400-410/mt CFR last week, while several bids have been heard at $380/mt CFR and below.
Meanwhile, offer prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at $460-465/mt CFR, down by $65/mt over the past week. Besides, offers for UK/EU HMS grade scrap have settled at $420-425/mt CFR, compared to $480-500/mt CFR last week.
In the meantime, the 10-16 mm rebar price in Bangladesh has been relatively stable this week, with the material being currently available at around BDT 84,000-86,000/mt ($904-925/mt) ex-warehouse.
$1 = BDT 92.96