The import scrap market in Bangladesh has remained fairly silent this week, with not much trade activity witnessed, even though some improvement has been seen regarding the opening of letters of credit (LCs), while prices have been relatively stable or have shown a slight downward bias for scrap in containers and in the bulk segment.
Specifically, offers for ex-UK/EU shredded scrap in containers have been reported at around $385/mt CFR, down by $5/mt week on week, while offers for ex-EU/UK HMS I/II 80:20 scrap have been voiced at $365-368/mt CFR levels, the same as last week. Shredded scrap from Australia is available at $375-380/mt CFR, remaining at the same level as reported last week.
Offers for ex-Hong Kong PNS scrap have been voiced at around $385/mt CFR, the same as last week, while PNS from Singapore has also been offered at $385/mt CFR, according to sources.
“We have already submitted offers for ex-Malaysia/Singapore and ex-UAE HMS I/II 80:20 at $370/mt CFR and for HMS I/II 90:10 at $380/mt CFR, but we have not received any firm bids from buyers so far,” a Bangladeshi trader told SteelOrbis.
In the bulk segment, trade activity is still in a lull, with indicative offers for ex-US HMS I/II 80:20 scrap standing at $365-370/mt CFR, against $370/mt CFR last week. Indicative prices for ex-Japan H2 scrap have settled at $345-350/mt CFR following Japan's recent Kanto scrap export tender on January 10 for approximately 15,000 mt of scrap booked by a Bangladeshi mill at JPY 44,810/mt ($284/mt) FAS, reflecting an increase of JPY 2,071/mt month on month. The FAS prices translates to JPY 45,810/mt FOB or $290/mt FOB, which means around $350/mt CFR.
“But buyers’ sentiments are very low. It would be interesting to see the market in the coming week,” a market insider told SteelOrbis.