Offer prices for imported scrap have increased in Bangladesh, while customers have remained very quiet due to Ramadan and as steel demand has not improved. As a result, the gap between offers and bids has increased.
Deep sea offers for HMS I/II 80:20 scrap in Bangladesh have been heard at $275-280/mt CFR and above, up by $10-15/mt compared to last week. At the same time, the workable level for the majority of customers has remained not above $250/mt CFR, sources confirmed. “Most mills have not resumed operations yet. The market is very quiet,” a trader said.
Small volumes of shredded scrap have been offered at $285/mt CFR and higher, while last week there were offers from Brazil at $270/mt CFR.
The Bangladeshi government has extended its nationwide lockdown until May 30, while initially it had to be lifted on May 16. “Restrictions will be imposed strictly on transportation and no vehicles will be allowed on roads except for emergency needs,” state minister for public administration Farhad Hossain said.
