The uptrend in the import scrap market in Bangladesh has continued over the past week, though trade activity has remained muted affected by sluggish domestic demand from end-users, coupled with heavy rainfall in many parts of the country. Suppliers have been bullish due to the global price rises and, specifically, the active buying in neighboring markets like Pakistan.
Accordingly, after a few small deals for ex-UK shredded scrap in containers were reported to have been signed at $480/mt CFR this week, by the end of the week import offers to Bangladesh have been voiced at $490-500/mt CFR, up by $35/mt week on week. Besides, offers for ex-UK HMS grade scrap have been heard at $450-455/mt CFR, up by $15-20/mt over the past week. Meanwhile, offers for European origin HMS I/II 90:10 scrap have settled at $440/mt CFR, compared to $425/mt CFR last week.
In the bulk segment, offers have remained very limited this week. The indicative offers for ex-US and ex-Europe HMS grade scrap have been reported at $410/mt CFR, up by $10/mt week on week.
“Business will remain slow in Bangladesh amid approaching the Eid holiday in the country next week,” a market insider stated.