Import scrap prices in Bangladesh have slightly increased this week given the cautious optimism observed globally and especially in Turkey’s import scrap segment. However, although rare deals for containerized scrap have been fixed, in general buying activity in Bangladesh has remained weak given the continuous problems with opening letters of credit (LCs), slow finished steel demand and low foreign exchange reserves.
More specifically, offer prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at $460/mt CFR, up by $5/mt week on week, while most offers for PNS scrap from the UK, Australia and Netherlands have been reported at $465/mt CFR, with a few deals reported to have been signed at $460/mt CFR this week.
Offers for ex-UK/EU HMS I/II 80:20 scrap in containers have been reported at $430/mt CFR, up by $10/mt over the past week. Furthermore, marker insiders said offers for ex-Dubai HMS I scrap have been voiced at $445/mt CFR.
At the same time, no fresh deals for scrap in bulk have been reported this week, with the offers for ex-US HMS grade scrap estimated at $420/mt CFR, up by $15/mt week on week, while offers for shredded scrap have been heard at around $425-435/mt CFR, according to sources.