Import scrap offers to Bangladesh have remained relatively unchanged over the past week with only small downward corrections reported. Meanwhile, trading activity has remained weak considering the low demand in the country ahead of the Feast of Sacrifice holiday, coupled with the letter of credit (LC) issue.
Accordingly, offers for ex-UK shredded scrap in containers to Bangladesh have been voiced at $455/mt CFR, versus $455-460/mt CFR last week. “No new deals have been heard at all, as banks are not opening any LCs,” a market insider said. “It is also quiet because of the upcoming Eid holiday in the country,” he added. Besides, offers for ex-Singapore PNS scrap have been heard at $465/mt CFR, the same as last week.
At the same time, in the bulk segment, no new bookings have been heard so far. The indicative offers for ex-US HMS grade scrap in bulk have been voiced at around $415-420/mt CFR, the same as last week.