Import scrap prices in Bangladesh have fallen further and at a faster pace as buying activity has been seriously disrupted by the nationwide lockdown. While earlier this month Bangladeshi customers were among the most active importers in Asia, in late March no new import deals have been reported.
Offer prices for ex-US HMS I/II 80:20 by bulk have slipped from $265/mt CFR in the most recent deal reported early last week to as low at $240/mt CFR Bangladesh. Shredded scrap prices have been assessed at $245/mt CFR. But most sources said that prices are nominal as no buyers are in the market at the moment. The government ordered a lockdown from March 26 until at least April 4 to limit the spread of the coronavirus, with all major transportation being halted, while some manufacturing companies have been slowing down production. “It is not a surprise that US sellers offer at such a low [level to Bangladesh]. In Vietnam, their offers fell to $235-240/mt CFR,” a trader said.
In Pakistan, demand for imported scrap has remained limited. Containerized shredded scrap from the US and Europe has been offered at about $250/mt CFR Pakistan, but no bids have been heard in the market.