After slight improvement last week, Imported scrap trades to Bangladesh have slowed down again this week with limited interest from buyers at the prevailing offers. The domestic steel market sentiments were reported sluggish on persistent construction slowdown. Some steel mills who mostly procure imported scrap are presently preferring local scrap on cheaper availability and decent availability.
SteelMint’s price assessment for containerized Shredded scrap from UK/Europe stands mostly stable at around USD 335/MT, CFR Chittagong, with no major bookings in containers being observed this week, as buyer’s bids remained lower than the present levels.
A mill in Dhaka booked 1000 MT of HMS 1&2 (80:20) in containers from South American origin at USD 295/MT CFR Chittagong, earlier in the week, while offers for the same remain in the range of USD 295-300/MT CFR, shared a Bangladesh based source.
HMS 1 offers from Brazil are around USD 305/MT, CFR. HMS 1 from Canada and South Africa was being offered at around USD 310/MT CFR while Australian origin HMS (80:20) and HMS (90:10) was reported at around USD 308-309/MT and USD 312-313/MT CFR respectively, amid very slow bookings by mills.
Few offers for P&S scrap from South America stood at USD 315/MT, significantly cheaper in comparison to Shredded scrap, against the general trend.
On the other hand, local scrap market witnessed good sales while prices remained almost stable. Shipyard melting scrap is being sold at around BDT 30,000-30,500/MT (USD 353-359) ex Chittagong.
GPH Ispat’s new plant begins test runs – Chittagong based GPH Ispat’s long awaited new Quantum EAF furnace has finally started its test runs. The 1st heat in the new furnace was performed today on 15th Jan’20. After the test run phase, gradually the production levels will be scaled up to full production.
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