Import scrap offers to Bangladesh have been tweaked in accordance with developments in the global scrap market in the last two weeks. Although trading activity has remained constrained due to the availability of containers, lower offers from foreign suppliers have encouraged Bangladeshi buyers to book some bulk material.
Accordingly, the latest offers for ex-US bulk HMS I/II 80:20 to Bangladesh have been heard at $560-565/mt CFR Chittagong, down $15/mt within the past two weeks. While some Bangladeshi steelmakers have been attempting to take the advantage of the prevailing bearish sentiments in the global steel market, having started voicing their bids at $550/mt CFR, traders find it difficult to believe that such levels are possible to achieve at present. HMS I/II 80:20 of European origin has been traded at $560/mt CFR Chittagong lately, according to sources. Meanwhile, a cargo of 32,000 mt of ex-US shredded scrap changed hands at $575/mt CFR late last week. A week ago, there were offers in the Bangladeshi market from New Zealand at $590/mt CFR, sources report.
The import scrap market in Bangladesh still faces a shortage of containers. “I could not find any container from the US to Chittagong, so no deals here,” a Bangladesh-based trader stated. A lot of 500 mt of ex-Chile HMS I/II 90:10 has been booked at $565/mt CFR Chittagong.