Trade activity in the import scrap market in Bangladesh has been lacking strength this week amid continued issues with opening letters of credit (LCs). Thus, apart from occasional small containerized bookings, at mainly the same levels as last week, no fresh deals have been reported for scrap in bulk so far.
More specifically, in the containerized segment, offers for ex-UK/EU shredded scrap have remained unchanged at $430-435/mt CFR, while offers for ex-Australia material are still at around $430/mt CFR. Meanwhile, offers for ex-Malaysia HMS I/II 80:20 and PNS scrap have been voiced at $410/mt CFR and $440/mt CFR, respectively, the same as last week, with a few deals reported to have been signed at the above levels. PNS from Hong Kong has been reported at $440-445/mt CFR.
Besides, offers for a mixed batch of ex-UAE HMS I and PNS scrap have remained unchanged at $420/mt CFR.
In the bulk segment, no fresh deals have been reported so far, while offers for ex-US HMS I/II 80:20 scrap have remained at $420/mt CFR. Offers for ex-US shredded and bonus scrap have been estimated at $425/mt CFR and $430/mt CFR, respectively, the same as last week.
“It seems the market may improve only after January 7, after the elections,” a Bangladeshi trader told SteelOrbis, adding, “Delays in LC approvals will continue to be the main concern in the market.”