Given the bullish sentiments mounting among global scrap suppliers following bookings done to Turkey at higher prices, Bangladesh-based scrap buyers have remained active in the import scrap market this week. Overall, scrap offer prices are around $8-10/mt higher than levels in deals last week.
In the containerized scrap segment, more bookings at higher prices have been heard recently in Bangladesh. A few cargoes for ex-UK HMS I/II 80:20 scrap have been booked at $532-535/mt CFR Chittagong, while offers have been coming at $535-540/mt CFR, up by $8-10/mt over the past week. Another deal for ex-UK shredded 211 scrap was signed at $570/mt CFR, but by the end of the week offers have been increased by $5-8/mt week on week, reaching $575-578/mt CFR. Besides, a small lot of ex-Australia HMS I/II 90:10 in containers was traded at $545/mt CFR, while offers were mostly at $548/mt CFR. An offer for ex-Brazil HMS I/II 90:10 was also heard at $548/mt CFR. Offers for ex-UK PNS scrap have been voiced at $580/mt CFR, while US-origin PNS scrap has been offered at $570/mt, with a small lot booked at the abovementioned price.
Meanwhile, after several bulk cargoes were booked from the EU and US at $545-550/t CFR last week, no bulk cargo booking has been reported this week. “We expect new ex-US bulk offers to be announced soon, so new purchases could be done,” a market insider told SteelOrbis.
In the meantime, given that the Bangladeshi market faces continuous scrap price rises, this week the biggest Bangladeshi producers have raised their prices for 10-16 mm rebar by around BDT 1,000/mt ($12/mt). As a result of the revision, rebar in Chittagong is officially offered at BDT 77,000-80,000 ($895-929/mt) ex-works.