Trade activity in the import scrap market in Bangladesh has remained moderate, while most prices heard for containerized scrap have remained stable in occasional deals this week. As for bulk segment, most Bangladeshi mills continue to show minimal interest in deep-sea purchases given extremely slow end-user demand and the resulting production cuts, coupled with the approaching monsoon season next month.
More specifically, most offers for shredded scrap in containers have been voiced at $425-430/mt CFR, depending on the origin, mainly the same as last week. Meanwhile, according to sources, several deals for small quantities for ex-Australia HMS I/II 80:20 scrap have been signed at $400-405/mt CFR this week, the same as last week, while another booking for ex-Brazil HMS I/II 80:20 scrap has been reported at $410/mt CFR. Furthermore, a deal for ex-Chile HMS grade scrap has been signed at around $400-405/mt CFR this week.
Offers for ex-Asia PNS scrap in containers have been estimated at $430-440/mt CFR, remaining relatively stable over the past week.
In the meantime, demand for deep sea scrap has remained sluggish in Bangladesh this week, with indicative offers for ex-US HMS grade scrap standing at $405-410/mt CFR, the same as last week. According to sources, talk about a deal for 20,000 mt in total for ex-New Zealand HMS I/II 80:20 and shredded scrap signed at $405/mt CFR and $410/mt CFR, respectively, have been circulating in the market this week, though no official confirmation has been provided by the time of publication.
Furthermore, offers for ex-Singapore HMS grade scrap in bulk have been heard at $410/mt CFR Bangladesh this week.
In the local market, offers for domestic rebar have remained stable at around BDT 92,000/mt ($790/mt) ex-works in Chattogram (Chittagong) and at around BDT 85,000/mt ($730/mt) ex-works in Dhaka. However, offers on US dollar basis have lost around $44-48/mt week on week due to the depreciation of the Bangladeshi taka from BDT 109.79 to the US dollar last week to around BDT 116.49 on Friday, May 10.
$1 = BDT 116.49