Bangladesh, an emerging ferrous scrap importing country of South Asia witnessed a massive spike of 45% in ferrous scrap imports on monthly basis. The country imported 0.16 mn t in Ma’21 as against 0.11 mn t a month ago, as per vessel line up data maintained with SteelMint.
Seven bulk scrap vessels arrived at berth in Mar’21. USA stood as the largest exporter to Bangladesh. It exported two vessels with a total of 0.06 mn t in Mar’21. Japan continued to be the second major supplier. It exported three vessels with a total of 0.05 mn t. Netherlands occupied the third spot. Notably, all the countries have witnessed a hike in their monthly volumes.
In Q1 CY’21, Bangladesh imported 0.45 mn t scrap via bulk imports against 0.38 mnt in Q1 CY’20.
Bangladesh’s imported scrap price decreased sharply in Feb’21 – SteelMint’s assessment for bulk Japanese monthly H2 scrap price had declined by $55/t m-o-m basis to $425/t, CFR Bangladesh in Feb’21, as per data maintained with SteelMint. High seas cargo sales kept traders under pressure which ultimately pulled down bids.
Major steel mills had dropped rebar prices to BDT 65,750/t in Feb’21 vis-a-vis BDT 66,500/t in Jan’21. However, in Mar’21 mills have raised offers on the back of higher production cost and improved demand.
Outlook – Imports are expected to remain supported on the back of restocking ahead of the approaching Ramadan holidays. However, in absence of bulk offers from Japan mills it raised containerized bookings in order to fulfill the requirement.
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