Bangladesh’s imported scrap market has remained slow after aggressive bookings of four bulk cargoes seen in the past week from USA and European Union. However, trades in containers have continued to take place on the back of supportive finished steel prices.
Containerised imported scrap market active
The imported scrap market in Bangladesh has slowed down, with limited trade activities witnessed. However, a few mills are active in booking containerised slots.
- Around 500 t of UK-origin shredded scrap in containers was booked at $570/t CFR Bangladesh.
- UK/EU-origin containerised shredded scrap is being offered at $570-575/t CFR Chittagong, unchanged w-o-w.
- HMS 1&2 (80:20) from the UK/EU is being offered at $535-540/t CFR Chittagong, unchanged w-o-w. A deal was concluded from South Africa and Poland for a combined 2,000 t of HMS at $532/t CFR Chittagong.
Bulk scrap market dull
Major mills saw active replenishment last week as four bulk cargoes were booked from the EU and USA at $545-550/t CFR levels for US-origin material. However, no bulk cargo booking was reported this week. In the meantime, Vietnam and other South East Asian markets are enjoying the Tet holidays. Hence US scrap suppliers are likely to quote fresh bulk offers for Bangladesh, which remained absent last week.
“An offer for Venezuela-origin HMS 1&2 (80:20) bulk cargo was heard at $545-550/t CFR Chittagong levels. However, the deal remained unconcluded”, said a prominent scrap trader.
Domestic rebar offers range-bound: Domestic rebar prices climbed last week with a slight improvement in construction activities. However, these remained range-bound this week at BDT 78,000-80,000/t exw Chittagong ($907-931/t). In the Dhaka market, rebar offers were slightly up by BDT 1,000/t to BDT 75,000/t ($12/t).
Outlook: Amidst supported finished steel sentiments, market participants are awaiting fresh bulk offers from USA for the next round of purchase.
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