Import scrap prices in Bangladesh have remained relatively stable over the past week, with occasional deals signed for mainly containerized scrap, while trade activity in the bulk segment has remained slow. Most market insiders believe that trade is expected to remain slow through January, with a modest improvement possible from February. However, persistent weakness in ship recycling and ongoing political and economic challenges continue to weigh on sentiment.
Offers for shredded scrap from the EU have remained stable at $365/mt CFR, while offers for ex-EU HMS I/II 80:20 scrap have been voiced at $345/mt CFR, up by $5/mt week on week. Besides, offers for ex-Australia shredded have settled at $365/mt CFR, up $5/mt on the lower end of the range week on week, while a deal price for ex-Australia HMS I/II 80:20 has been reported at $345/mt CFR. According to sources, several deals for 3,000 mt of ex-Chile HMS grade and 2,000 mt of ex-Australia HMS I/II 90:10 grade scrap have been signed at $347/mt CFR and $350/mt CFR, respectively, this week.
Besides, offers for ex-Hong Kong PNS scrap have been voiced at around $365-370/mt CFR, while ex-Malaysia busheling scrap offers have settled at $370/mt CFR.
In the bulk segment, offers for ex-US HMS scrap have been voiced at around $360-365/mt CFR, compared to $360/mt CFR last week, but no fresh deals have been reported so far.
Indicative offers for ex-Japan H2 scrap have remained at $345/mt CFR, while offers for ex-Singapore HMS I/II 80:20 and PNS scrap have settled at $355/mt CFR and $370/mt CFR, respectively.
Meanwhile, local prices for rebar in Dhaka have been voiced at around BDT 73,000/mt ($613/mt) ex-works, mainly the same as two weeks ago, while offers for local scrap have settled at BDT 48,000/mt ($392/mt) ex-warehouse.
“Cautious sentiment is set to dominate Bangladesh’s scrap market in the short term, keeping prices largely range-bound as mills limit buying amid weak steel demand,” a market insider told SteelOrbis.
$1 = BDT 122.33