This week, prices for import scrap in Bangladesh have dropped by $5-10/mt depending on the supplier, reflecting cautious buying sentiments and expectations of lower bids. At the same time, domestic steel demand has also remained sluggish in Bangladesh, leading to reduced interest in scrap imports.
Specifically, offers for shredded scrap ex-UK/EU in containers have been voiced at $385-390/mt CFR, down by $5/mt week on week, while offers for ex-Australia shredded scrap have settled at $390-395/mt CFR, down by $5/mt. Besides, offers for HMS I/II 80:20 scrap from Australia have been reported at around $370-375/mt CFR.
According to sources, trade activity has been extremely limited this week, with only occasional deals reported at lower levels. In particular, a mixed deal for ex-UAE PNS and HMS grade scrap has been reported at $390/mt CFR, down by $10/mt over the past week. Besides, another deal for ex-Malaysia PNS scrap has been signed at $390/mt CFR. “Although there has been some improvement in letter of credit (LC) approval processes, overall trading activity has remained limited,” a market insider told SteelOrbis.
In the bulk segment, indicative offers for ex-US HMS grade scrap have been estimated at $360-365/mt CFR, against $370-375/mt CFR last week. According to sources, last week talk about a deal for 32,000 mt of ex-US scrap in bulk signed at $370/mt CFR for HMS I/II 80:20, $375/mt CFR for shredded and at $380/mt CFR for bonus grade has been circulating in the market. Besides, another deal for 28,000-30,000 mt of ex-Australia HMS grade scrap was reported at $370-375/mt CFR last week.