On July 5, SteelOrbis reported ex-EU and ex-UK containerized shredded scrap import offers to Bangladesh at $385-392/mt CFR. HMS I/II 80:20 offers were reportedly at $370-380/mt CFR in the same period.
Market sources inform SteelOrbis that scrap prices to Bangladesh from the UK and EU have trended down through July and are now reportedly at $372-380/mt for containerized shredded scrap and $350-360/mt CFR for HMS I/II 80:20. The new offer prices reflect a decline of $12-13/mt on containerized shredded scrap and $20/mt on containerized HMS I/II 80:20. The decrease in import scrap prices to Bangladesh is attributed to the trend in lower billet prices in the global market, lower coking coal prices, lower scrap purchase prices by Turkish mills, and market uncertainty due to recent shifts in the global supply chain from protectionist activity in the US, EU, and other markets.
Sources report limited scrap buying activity as buyers are adopting a wait and see stance “possibly until after the first week of August to better understand the global scrap prices movements that may see further decreases, although, a large rapid decrease is not immediately expected.” A source added that BDT (Bangladeshi Taka) currency has been consistently weaker against the dollar since late April, thereby affecting purchasing decisions.