Import offers of scrap to Bangladesh have continued to move up sharply on the back of the continued uptrend in the global market and assessments of the situation regarding Russia’s attack on Ukraine. At the same time, considering the sharp growth in scrap prices, Bangladeshi rebar producers have been trying to adapt to increasing prices for feedstock and have attempted to hike their offer prices. Although most Bangladeshi customers are delaying their bookings, they are expected to return to the market soon, having no other option but to accept higher prices.
Accordingly, new deals for ex-UK/EU shredded 211 containerized scrap have been reported at $640/mt CFR this week, up by $50-55/mt over the past week. Besides, ex-UK PNS scrap has been sold at $650/mt CFR. Meanwhile, offers for HMS 90:10 scrap from South Africa have been voiced at $640/mt CFR, compared to $575/mt CFR last week.
Meanwhile, offers for bulk HMS I/II 80:20 scrap have increased to $600/mt and above, up by $10-20/mt over the past week. “There are not that many offers for bulk scrap in Bangladesh now while finished steel sales are still weak,” a market insider told SteelOrbis.
In the meantime, Bangladeshi producers have raised their prices for 10-16 mm grade rebar to around PKR 82,500/mt ($953/mt) ex-warehouse, up by PKR 500-2,500/mt ($6-29/mt) week on week. “Rebar prices are historically high now while yards are also holding back the materials, due to changes in prices every day,” a market source stated.