Imported scrap offers to Bangladesh rose up again this week, after observing some stability in the last couple of weeks, as global prices surged up last week in fresh Turkish deals. Trades have remained slow with only a few deals being concluded as less material availability from the supplier’s side as well as low interest from buyers, kept inquiries limited.
SteelMint’s price assessment for Shredded scrap in containers from UK is presently stands at USD 300-305/MT, CFR Chittagong up by USD 5-8/MT from the last week’s report, with few shredded deals being reported from UK and Australia/New Zealand origin, at around USD 300/MT CFR price level.
HMS scrap trades too remained limited, with offers for HMS 1 now being being reported in the range of USD 290/MT CFR, while HMS 1&2 (80:20) from Brazil and south American origins at around USD 280/MT CFR.
P&S scrap offers South American origins remain stable at around USD 305-310/MT CFR Chittagong.
At around the closing of last week, a fresh bulk vessel booking was reported, in which a a Chittagong based major steelmaker has booked a bulk vessel with 32,000 MT of mixed cargo from a USA origin recycling yard, comprising of Shredded scrap at USD 305/MT HMS scrap at USD 300/MT and Bonus (P&S) at USD 310/MT CFR Chittagong, for January’20 shipment.
Local steel prices expected to rise – Local Government has decided to hike electricity prices from Jan’20, leading to anticipation of price hike in finished steel products, with few mill owners maintaining that Rebar prices will increase by mid-dec’ 19. Stable steel prices and rising global scrap prices have kept local scrap offers supported amid rising demand, with the current offers for shipyard scrap standing at BDT 31,000-31500/MT (USD 365-371) ex Chittagong.
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