Trading activity has remained weak in the Bangladeshi import scrap market considering very low demand in the country, coupled with volatile currency exchange rates, problems with opening LCs and other issues. Import offers for containerized scrap in particular, have decreased this week, while offers for scrap in bulk have remained mainly unchanged with buyers negotiating purchases of new cargoes.
Accordingly, following several bookings for import scrap in bulk in previous weeks, market insiders have slowed down their purchases, expecting to get lower prices in the coming period. In particular, according to market insiders, one ex-South America cargo for around 15,000 mt scrap is under negotiation at $450/mt CFR. At the same time, offers for ex-US mixed cargoes for shredded and HMS grade scrap have remained at $450/mt CFR, the same as last week.
Meanwhile, trade has remained muted in the containerized segment this week. Offer prices for ex-UK shredded scrap in containers in Bangladesh have been voiced at $485-490/mt CFR, compared to $510/mt CFR last week. Offers for ex-UK HMS I/II 80:20 scrap have been heard at $460-470/mt CFR, down by $5-15/mt over the past week.
In the meantime, the 10-16 mm rebar price in Bangladesh has been relatively stable this week, with the material being currently available at BDT 89,000-93,500/mt ($937-984/mt) ex-warehouse.
$1 = BDT 95.03
