Import prices for scrap in Bangladesh have continued to decrease over the past week, however, most customers have remained inactive in purchases given the depreciation of the national currency, slow demand due to disruptions in infrastructure projects caused by heavy rains.
Specifically, offers prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at around $465-470/mt CFR, down $10-15/mt week on week, though, according to some sources, several sellers have already been offering at $450/mt CFR. Offers for ex-UK HMS I/II 80:20 scrap have been heard at around $440/mt CFR, while buyers’ bids have been reported at $425/mt CFR level.
Meanwhile, market sources have estimated the current level for ex-US HMS I/II 80:20 at $410/mt CFR, same as last week, however, “most Bangladeshi buyers expect to sign new deals at below $400/mt CFR”, according to sources. At the same time, while no deals have been reported for ex-US and ex-Europe materials, there was information about a deal in bulk for 15,000 mt of Japanese H2 material booked at JPY 52,040 ($352/mt) FOB in Kanto tender, which is estimated by Bangladeshi customers at around $450/mt CFR Bangladesh.
“Some traders believe the import scrap prices may recover in Bangladesh, as the country has to buy because it is import dependent and the currency situation is expected to improve,” an international trader told SteelOrbis.
In the meantime, the 10-16 mm rebar price in Bangladesh has been relatively stable this week and is available at BDT 80,000 – 89,000/mt ($768-854/mt) ex-warehouse.
$1 = BDT 104.18