Although Bangladeshi scrap importers have been reporting higher interest in new purchases in order to replenish their stocks, trade activity has remained at minimal levels given continuous problems with opening letters of credit (LCs). Thus, only occasional deals have been reported this week. Besides, given the continuous decrease in import scrap prices, most buyers have been awaiting more declines in the short run.
Specifically, offers prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at $455-465/mt CFR, versus $470/mt two weeks ago. Besides, offers for ex-UK HMS I/II 80:20 scrap have been heard at $430/mt CFR, while customers’ bids have been voiced at $420/mt CFR levels. At the same time, according to sources, a deal for ex-Australia HMS grade scrap for around 2,000 mt has been reported at $425/mt CFR this week. Furthermore, another deal for ex-UK PNS scrap has been signed at $470/mt CFR this week, while ex-Hong Kong PNS offers have dropped to $465/mt CFR.
Meanwhile, in the bulk segment, offers for ex-US HMS grade scrap have been voiced at $430-435/mt CFR, versus $460/mt CFR two weeks ago. However, no deals have been reported so far.