Prices for import scrap in Bangladesh have increased further over the past week owing to the uptrend in the global market. Demand has not improved due to the Eid holidays, but market sources have been worrying about the possible continuation of price rises.
Late last week, 12,000 mt of HMS I/II 80:20 scrap in total from the UK and Australia in containers were sold at $505-515/mt CFR to Bangladesh, increasing by $10-15/mt from the level of $495-500/mt CFR offered a week before, SteelOrbis has learned.
The tradable price level for import shredded scrap in containers has increased to $525/mt CFR minimum last week, while offers have already reached $550/mt CFR. No deals at higher levels have been reported so far. Sources said that the uptrend in Turkey and other international markets over the past week has contributed to the hike in prices in Bangladesh, even though demand has yet to recover.
The major ex-US suppliers have been offering HMS I/II by bulk at $565/mt CFR and shredded scrap at $570/mt CFR to Bangladesh. These offers are too high for customers in the current market conditions.