On May 15, SteelOrbis reported containerized shredded scrap import offer prices from the UK and EU to Bangladesh at $335-340/mt CFR, while containerized HMS I/II 80:20 scrap offers were reportedly at $325-330/mt CFR.
Sources inform SteelOrbis that both offer ranges began to improve in tandem with higher Turkish scrap import prices immediately after the tariff reduction from 50 percent to 25 percent on Turkish finished steel. Containerized shredded scrap import offers from the UK and EU are now reportedly at $345-352/mt CFR, while containerized HMS I/II 80:20 is reportedly at $334-340/mt CFR. Shredded prices increased $10/mt from the bottom of the previous range and $12/mt from the top of the same range. HMS I/II 80:20 is reportedly at $9/mt from the bottom of the previous range and $10/mt from the top of the same range.
With the recent dip in Turkish import scrap prices in the past few days, sources believe that buyers will place some downward pressure on scrap offer prices in Bangladesh as limited active trading is reported per market uncertainty. Additionally, domestic rebar offers prices in the country have reportedly softened over the past week. As a result, a source noted that early June scrap offer prices may encounter a price erosion of $5-15/mt across all grades.