Business activity in the Bangladeshi import scrap market has remained slow this week amid the ongoing month of Ramadan. Lower offers for bulk scrap have not attracted any buyer in Bangladesh, while in the containerized scrap segment most suppliers have kept prices stable.
Accordingly, new ex-US bulk scrap offers have decreased to $650-660/mt CFR Chittagong, compared to $670/mt last week. “US suppliers have dropped their prices but there is no buyer as local demand during Ramadan is very slow,” a market insider said. The latest deals for two ex-US mixed bulk cargoes for shredded 211 scrap and HMS I/II 80:20 scrap were reportedly done at $675/mt CFR two weeks ago.
Meanwhile, in the containerized scrap segment, most offers have remained unchanged over the past week. Offers for ex-UK shredded scrap have been reported at $675/mt CFR, while ex-UK PNS scrap has been offered at $680/mt CFR, the same as last week. Offers for ex-Brazil HMS I/II scrap have remained at $640/mt CFR level as well. Meanwhile, several offers for ex-UAE PNS scrap have been voiced at $650/mt CFR, while for HMS grade material at around $610-620/mt CFR Chittagong.
“Due to the ongoing month of Ramadan, business has slowed down and mills are already well booked in advance,” a market insider stated.
Major rebar producers in Bangladesh have been offering their 10-16 mm rebar at BDT 84,500-86,800/mt ($979-1,000/mt) ex-warehouse, down BDT 500-1,200/mt ($6-14/mt) over the past week. The Bangladeshi domestic rebar market has seen a price correction considering the limited end-user buying interest caused by slow construction activities in the country during Ramadan.