On May 30, SteelOrbis reported containerized shredded scrap import offer prices from the UK and EU to Bangladesh at $345-352/mt CFR, while containerized HMS I/II 80:20 was reportedly at $334-340/mt CFR. The scrap market had encountered an uptick due to the expectation that Turkish mills would support the global market prices through substantial buys post reduction of the Section 232 tariff on Turkish finished steel from 50 to 25 percent.
Sources inform SteelOrbis that both offers declined in tandem with the continued decline of Turkish import prices since through June. Containerized shredded scrap import offers from the UK and EU are now reportedly at $330-338/mt CFR, while containerized HMS I/II 80:20 is reportedly at $320-327/mt CFR. Shredded prices decreased $15/mt from the bottom of the previous range and $14/mt from the top of the same range. HMS I/II 80:20 is reportedly at $14/mt from the bottom of the previous range and $13/mt from the top of the same range.
Scrap buyers are generally preferring to wait to close transactions as they expect slightly more downward corrections into early July. A source noted that he expected a good buying environment in late June into early July but that both the demand and seasonal change may tighten the scrap market later in July.