Following price rises seen last week, more deals for ex-US bulk scrap cargoes have been reportedly sold to Bangladesh, while some customers from Vietnam have also decided to restock and had to pay above $300/mt CFR for ex-US scrap.
After two deals for scrap from the US to Bangladesh, two more deals have been disclosed recently with the price level being near to the previous contracts. The contracts have been for mixed cargoes of HMS and shredded scrap for 30,000-32,000 mt each. In one of them HMS I/II 80:20 scrap was priced at $310/mt CFR and in the other – at $308/mt CFR, though some sources said the price level in the second deal was an average for HMS+shredded mix. Last week SteelOrbis reported about the deals for HMS I/II 80:20 scrap at $307.5/mt CFR and the mixed cargo at $310/mt CFR on average.
Strong demand from Bangladesh and overall positive moods in the market have led to higher interest from other customers in Asia. For instance, Vietnamese importers have resumed buying ex-US scrap, seeing this as more effective, than purchases of Japanese scrap. At least two deals for ex-US bulk cargoes have been traded to Vietnam at $302/mt CFR for HMS I/II 80:20 scrap, sources have said. Offers for H2 from Japan have increased to at least $295/mt CFR. A small cargo of 5,000 mt has been sold at close to $300/mt CFR under the Kanto Tetsugen tender, but this is much higher than the majority of bids from customers at $285-290/mt CFR.
