- Stable rebar prices during Ramadan keep market sluggish
- Rising offers fail to spark widespread buying interest but bigger mills stay active
Bangladesh’s imported scrap market witnessed a modest price rise of $6/t w-o-w, though overall trading activity remained subdued. Offers from Hong Kong, Australia, and Singapore edged higher, but cautious sentiment among smaller mills kept demand in check. In contrast, the larger mills moved swiftly to secure available cargoes to stay ahead of competitors.
Market participants expect tensions in the US market and fluctuations in export volumes to be key factors influencing Bangladesh’s import activity in the coming weeks.
BigMint’s weekly assessments
- European-origin containerised shredded inched up by $6/t w-o-w to $391/t.
- European-origin HMS (80:20) increased by $3/t w-o-w to $373/t.
- US-sourced HMS (80:20) bulk prices stood at $378 up by $4/t w-o-w.
- Japanese-origin H2 bulk prices stood at $366/t CFR Chattogram, inched up by $3/t w-o-w
Container market overview
The containerised scrap market in Bangladesh remains mixed. UAE HMS 1 is currently offered at $390/t CFR Chattogram, which is still considered unworkable by most Chattogram-based buyers. However, some Dhaka mills may return to the market after a long pause.
Busheling and shredded were recently booked at $380-384/t (2,000-3,000 t), with current offers rising to $385-390/t. Australian HMS 80:20 stands at $365-370/t CFR, but buyers are bidding lower at $360-362/t amid limited supply. Shredded from Australia is holding firm at $385-390/t.
In Southeast Asia, busheling from Malaysia is being offered at $390-395/t, while Singapore-origin PNS is quoted at $390/t, with offers inching toward $395/t. However, rising domestic prices in Malaysia have curbed export interest, reducing availability to Bangladesh.
Recent Deals:
- Australia origin HMS 80:20 of 1,000 t at $382/t CFR Chattogram.
- Australia origin Shredded of 500 t at $380/t CFR Chattogram.
- Hong Kong origin PNS of 1,000 t at $392/t CFR Chattogram.
Bulk market update
Bulk scrap trading in Bangladesh remains quiet. US West Coast HMS 80:20 is unofficially offered at $385-390/t CFR, though shredded and PNS remain largely unavailable due to strong US domestic demand.
Japan’s Funabashi port is currently experiencing congestion, causing minor logistical delays. Despite this, a recent bulk booking of Japanese HMS 50:50 was concluded at $364/t CFR Chattogram.
A bulk deal was concluded from Singapore-origin HMS-PNS mix of 12,000 t at $364-374/t CFR Chattogram.
A Chattogram-based trader reported that domestic rebar prices in Dhaka were steady at BDT 82,500-83,500/t ($741-750/t), and BDT 87,000-88,000/t ($716-724/t) in Chattogram.
Billet prices remain stable at BDT 72,000-73,500/t ($650-660/t) exw, while scrap prices are hovering at BDT 57,000-58,000/t ($469-477/t).
Ship-breaking market
Bangladesh remained the leader in the ship recycling market last week in both pricing and volumes. Strong local steel plate prices, stable at $529/t, supported aggressive buying, especially from Tier 2 recyclers. Despite concerns over the weakening Taka and ongoing political instability, activity remained robust. Seven vessels, including an LNG tanker, totalling 72,000 LDT arrived at Chattogram, although supply at bidding tables remained tight.
Outlook
Bangladesh’s scrap import market remains slow during Ramadan, but activity is expected to pick up soon as major mills actively seek cargoes, with some larger mills reportedly trying to secure deals on every available offer.
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