In line with the global downturn, imported scrap offers to Bangladesh too have plunged by a significant margin over the last week, SteelMint learned from market participants. Although, the buying activities have remained very slow as most buyers are expecting continued downward movement on further price correction, and are preferring to wait out.
SteelMint’s assessment for containerized Shredded scrap from UK/Europe stands at around USD 310-315 /MT, CFR Chittagong, dropping sharply by USD 20-25/MT as against USD 335/MT, last week’s report.
Few shredded offers were even reported in the lower level at USD 308-310/MT CFR, with very limited bookings. Earlier in the week, Australian origin shredded was offered to Bangladesh at around USD 315-320/MT CFR, however it did not receive any traction from the buyers.
A source shared that most major mills are not actively buying at the moment, and trades are expected to pick up post Chinese New year holidays. Few other mills are bidding at prices lower by USD 8-10/MT than the current offers.
Currently, the HMS 1 offers from Brazil, Chile and South American origins were reported at around USD 290-292/MT CFR, with few sellers quoting HMS 1&2 (90:10) at USD 287/MT CFR, down by USD 10/MT on a weekly basis. On the other hand, higher quality HMS 1 from Australia and US were reported at USD 300-303/MT CFR, lower by USD 5-9/MT against last week, amid lukewarm interest from the buyers.
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