Bangladeshi scrap importers have been less active in negotiations for containerized scrap this week, given the continuous problems with openings of new letters of credit (LCs). Import prices, however, have stopped their sharp increase, remaining mainly at the same levels as last week, with only several suppliers attempting to go higher. At the same time, talk about three sizable lots of scrap in bulk has been circulating in the market this week, though only two deals have been confirmed so far.
Offers for ex-UK shredded scrap in containers have increased by $5/mt week on week to $510-515/mt CFR, while offers for ex-UK PNS scrap have been assessed at around $520/mt CFR, the same as last week. Meanwhile, according to sources, suppliers from Brazil have been offering their HMS I/II 90:10 and shredded scrap at around $490/mt CFR and $500-505/mt CFR, respectively, the same as last week. Offers from Singapore for PNS scrap have settled at $510/mt CFR. At the same time, although deals have been rare this week, market insiders have reported a few bookings for ex-Malaysia materials at $483/mt CFR for HMS I/II 90:10 scrap at $483/mt CFR and at $514/mt CFR for PNS scrap.
In the meantime, market insiders have been actively discussing three new bookings, each around 40,000 mt, for ex-Australia shredded scrap in bulk at $495-497/mt CFR, though, according to sources, only two deals have been confirmed so far. According to the sources, both batches, for 40,000 mt each, were transacted at the abovementioned level, though it is "heard that one consists fully of shredded, while the other is a mix of HMS grade and shredded scrap,” as one source said.
Meanwhile, indicative offers for ex-US HMS grade scrap in bulk have been estimated at $490/mt CFR for April shipment, compared to $490-495/mt CFR last week.