SteelMint learned in conversations with industry participants that imported scrap market in Bangladesh has recently observed few trades at further corrected prices. Continuously falling finish steel inquiries on approaching general elections kept overall sentiments slow in the market.
Offers for containerized Shredded 211 scrap is being reported in the range USD 345-350/MT, CFR Chittagong. SteelMint’s assessment of Shredded scrap fall USD 5-10/MT W-o-W as against USD 350-355/MT, CFR levels reported last week.
On the other hand, a leading scrap yard from Sweden is offering Shredded scrap in the range USD 340-345/MT, CFR Chittagong for Jan-Feb shipment.
Limited offers are available for USA and European origin scrap on tight availability and seasonality concerns. P&S scrap levels learned at around USD 345/MT, CFR as against USD 350/MT levels last week from Brazil and South America. HMS 1 assessed at USD 330/MT, CFR.
In a recent deal heard, HMS bundles from Brazil concluded in containers at around USD 300/MT, CFR While LMS bundles from Australia booked at around USD 305/MT, CFR Chittagong. A cargo comprising a mixture of P&S and HMS 1 is being offered at USD 342-343/MT, CFR. While HMS 1&2 assessed in the range USD 325-330/MT, CFR.
Few construction projects have been halted as disbursement of cash has turned difficult amid upcoming elections activities. Participants believe that the market will improve further and finish steel prices will increase after the election.
Domestic ship breaking scrap and local scrap prices have come down by BDT 300-500/MT over the week following weak local demand and stand at around BDT 34,500/MT and BDT 35,000/MT, ex-works inclusive of taxes respectively.
Ship cutting plate prices assessed at BDT 41,000-41,200/MT for 16 mm, at around BDT 40,000-40,200/MT for 12 mm and at around BDT 42,300-42,500/MT for plate thickness 20 mm & above.
Indian Sponge iron export offers to Bangladesh slightly increased following stronger Indian Rupee against USD. Latest offers reported at equivalent to USD 350-355/MT, CFR Chittagong as against last week at USD 345-350/MT, CFR Chittagong.
Ship breaking market remains quiet, no sale reported – Chittagong’s ship breaking market observed no new sale as participants kept offloading their stocks at lower levels. Although local steel plate prices recorded marginal improvement buyers stand to abstain from new offerings. The assessment for ship cutting price stands at USD 415-420/LDT for general dry bulk cargo, at USD 425-430/LDT for tanker cargo and at USD 435-440/LDT for containers on CNF Bangladesh basis.
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