Import prices for scrap in Bangladesh have remained relatively stable over the past week, though most customers have remained inactive in purchases given the ongoing issue regarding letters of credit (LCs). Thus, only occasional deals for containerized scrap have been reported in the market this week.
Specifically, offers prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at $455/mt CFR, the same as last week, with a few small lots reported to have been booked at the abovementioned price this week. “Buying activity is very slow in Bangladesh due to problems with opening LCs,” a market insider said. Meanwhile, offers for ex-UK PNS scrap have been heard at $460/mt CFR, down by $5/mt week on week, while offers for HMS I/II 90:10 scrap have been voiced at $420/mt CFR.
At the same time, no fresh deals for scrap in bulk have been reported this week, with the tradable price level for ex-US HMS grade scrap estimated at around $405/mt CFR, down by $10/mt over the past week.
“Apart from the LC issue, Bangladeshi end-users have been refraining from purchases as they are waiting for the announcement of the new budget this month, and besides there is still uncertain where the price trend will be moving,” a local trader told SteelOrbis.
Meanwhile, local prices for scrap in Bangladesh have remained unchanged over the past week, standing at around BDT 60,000/mt ($560/mt) ex-warehouse, while prices for domestic 10-16 mm rebar have settled at BDT 95,000/mt ($886/mt) ex-works, the same as last week.
$1 = BDT 107.21