For the second week in a row Bangladeshi scrap importers have been active in negotiations for scrap in containers given the rather strong necessity of local producers to replenish their stocks in the absence of bulk scrap suppliers. Thus, numerous deals for containerized scrap have been reported this week at mainly the same price levels as last week or slightly higher.
More specifically, several deals for ex-UK HMS grade and shredded scrap in containers have been heard at $460-465/mt CFR and $485-490/mt CFR, mainly the same as last week. Besides, a few more deals for ex-UK PNS scrap have been signed at $498/mt CFR, up by $3/mt week on week, according to sources.
Furthermore, more deals for ex-Malaysia scrap in containers have been reported at $478/mt CFR for HMS I/II 90:10 scrap, up by $5-7/mt over the past week, and at $495/mt CFR for PNS scrap, up by $5/mt week on week. Besides, market insiders have reported new contracts for PNS scrap from Singapore at $480-490/mt CFR, the same as last week.
“This week, there is no bulk cargo being offered by any seller, so a few big mills have also booked scrap in containers,” a market insider told SteelOrbis.
Indicative offers for ex-US HMS grade in bulk have been estimated at $460/mt CFR, the same as last week.
At the same time, Bangladeshi rebar producers have increased their offers for 10-16 mm rebar by around BDT 1,000-2,000/mt ($9-18/mt) to BDT 96,000/mt ($896/mt) ex-works Chittagong, trying to offset higher production costs.
$1 = BDT 107.19
