Steel mills in Bangladesh remained less active for imported scrap this week again, local ship breaking scrap being cheaper preferred higher over imported.
Offers for imported scrap in Bangladesh remained almost similar as assessed last week. Most of the buyers remained out of imported scrap market with very low buying interest. Participants kept back themselves in order to avoid consequences of currency fluctuations in Bangladesh. Moreover, fresh bookings remained subdued.
Price assessment for Shredded scrap in containers stood at USD 345/MT, CFR Chittagong. These offers are in line with the last week assessment which was around USD 345/MT, CFR.
HMS 1&2 (80:20) from Dubai origin offered at USD 330/MT while HMS 1 from other major origins is assessed at USD 335/MT, CFR. Offers for P&S scrap are heard around USD 345/MT, CFR port Chittagong.
Prices for ship breaking have shown slight upward movement this week by USD 5 on W-o-W basis. The latest prices assessed at USD 375/LDT for general cargo and USD 395/LDT, CFR Bangladesh for tanker cargoes. Local melting scrap prices heard at BDT 29000-29500/MT(USD 347-353) against BDT 30000-30200/MT(USD 359-362) last week.
“Bangladesh based scrap importers are not looking much active and no major deals for imported scrap were reported again in this week. Local scrap prices are still competitively lower thus weak buying interest has seen in an imported market but few ship breaking deals carried surprisingly”, shared a scrap trader based in Bangladesh.
Bangladesh scrap importers are still in concern of prolonged port congestion resulting in the increased waiting time for scrap vessels and hiked freight charges. Few other factors like volatile currency movement and getting very few offers in workable levels caused importers to go for domestic scrap.
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