Global scrap suppliers have increased their offers to Bangladesh again this week although most end-users in the country are very reluctant to accept an increase in deal prices amid slow demand.
Accordingly, market insiders have only reported about continuing negotiations for ex-US scrap in bulk this week. “A few bulk deals are underway for HMS I/II 80:20 scrap at $450-455/mt CFR and for shredded scrap at $455-460/mt CFR,” a market participant told SteelOrbis. The current average price is $15/mt higher than was estimated last week.
Meanwhile, trade has remained muted in the containerized segment this week. Offer prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at around $500-510/mt CFR, up by $10-20/mt week on week. Besides, according to several sources, some offers have already reached $520/mt CFR. Offers for ex-UK HMS I/II 80:20 scrap have been heard at $470/mt CFR, up by $10/mt over the past week. “We do not see much interest in containerized scrap as there has been a hike in transportation costs,” a Bangladeshi trader said.
In the meantime, the 10-16 mm rebar price in Bangladesh has settled at BDT 88,000-90,000/mt ($918-938/mt) ex-warehouse, up by around BDT 2,000-5,000/mt ($20-52/mt) over the past two weeks.
$1 = BDT 95.86