Global scrap suppliers have continued to decrease their offers to Bangladesh this week, though end-users in the country have been very reluctant to accept the new prices amid still low demand coupled with expectations of further decreases.
More specifically, last week, apart from a deal in bulk for 15,000 mt of ex-Venezuela HMS I/II 80:20 signed at $450/mt CFR Bangladesh, another deal for 8,500/mt of ex-Singapore HMS I/II 80:20 scrap was signed at $455/mt CFR. This week, however, no deals have been reported so far, with new offers coming to the country at a lower level. In particular, according to market insiders, offers for ex-US HMS I/II 80:20 scrap have been heard at $410/mt CFR, down by $30-40/mt week on week.
Meanwhile, in the containerized scrap segment, most offers have decreased as well over the past week. Offers for ex-UK shredded scrap have been reported at $480/mt CFR, down by $5-10/mt week on week, while offers for HMS I/II 80:20 scrap have settled at $450/mt CFR, compared to $460-470/mt CFR last week.
In the meantime, offers for the 10-16 mm rebar in Bangladesh have been reported at around BDT 80,000-89,000/mt ($842-937/mt) ex-warehouse, down by BDT 4,000-9,000/mt ($42-95/mt) week on week.
$1 = BDT 94.96