- Major buyers’ inquiries hint at possible bulk negotiations soon
- Vietnam’s rising demand may lead to firm regional bulk prices
Bangladesh’s imported scrap prices saw divergent trends w-o-w. The market saw selective activity over the past week, with limited containerised trades, as buyers resisted high offers. Deep-sea bulk volumes remained nominal, while domestic sentiment showed slight improvement, with rebar prices rising before easing again.
Mills remained cautious regarding fresh bulk bookings, although aggressive inquiries from major buyers suggest a pick-up in bulk negotiations may be seen in the coming weeks.
BigMint’s weekly assessments
- European-origin HMS (80:20) prices were stable w-o-w at $351/t.
- European-origin containerised shredded inched up by $1/t w-o-w to $373/t.
- Japanese-origin H2 bulk prices stood at $344/t, dropping by $1/t w-o-w.
- US-sourced HMS (80:20) bulk prices stood at $355/t, stable w-o-w.
Market commentary
As per a major bulk scrap trader based in Chattogram, deep-sea bulk prices from the US West Coast were offered at $355/t CFR Chattogram for HMS 80:20 against bids of $348-350/t. Hong Kong-origin cargoes for 8,000-10,000 t were heard offered at $360/t, though buyers remained reluctant at these levels. Containerised shredded was offered at $375/t CFR, while bids stayed lower at $365/t. HMS 90:10 offers stood at $355/t CFR.
As per a Dhaka-based scrap buyer, Malaysia-origin busheling offers were quoted high at $385-390/t CFR, with no active buying interest. Hong Kong PNS cargoes remained limited, with workable levels not aligning with seller expectations.
HMS 80:20 bulk from the US was offered at $355/t CFR, with the last trade concluded at $352/t. Fresh supplier offers ranged within $355-358/t, while buyers bid around $350/t CFR.
As per a Japan-based scrap supplier, H2 offers to Bangladesh were calculated to be $340-345/t CFR Chattogram. Recent activity has been slow, with HS Japan and Malaysia busheling indicatives at $365-370/t and $380-385/t, respectively.
Recent deals
- 1,000-t UAE-origin HMS mix/PNS was booked at $355/t CFR Chattogram.
- 500-t Hong Kong-origin PNS (oversize) were sold at $392/t CFR Chattogram.
- 20,000-t Japanese cargo was sold at an average of $350-352/t CFR Chattogram (10,000-t H2 at $337/t, 10,000-t HS at $367/t).
- 3,000-t Australian HMS 80:20 were booked at $345/t CFR Chattogram.
Domestic market
Domestic sentiment showed marginal improvement, as rebar prices rose earlier in the week with a w-o-w rise of BDT 1,000/t to BDT 76,500-77,500/t ($630-638/t) in Dhaka. Local scrap prices stood between BDT 45,000-48,000/t ($371-395/t).
Outlook
The domestic market shows a hint of optimism, but demand for imported scrap remains weak as buyers shy away from high offers. Vietnam’s demand is picking up after Hoa Phat’s new unit came online, which could tighten regional supply and support bulk prices. Still, cautious buyers in Bangladesh are keeping containerised activity limited.
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