- Two bulk scrap bookings from Japan concluded
- Containerised scrap offers up, trades yet to pick up
- Mills raise domestic rebar offers tracking hike in scrap prices
Imported bulk scrap price to Bangladesh have increased by $10/t in recently concluded deals this week, credible sources have reported to SteelMint. Increasing inquiries from China for Japanese scrap and material shortage were the major issues behind the continuous price hike. Japanese suppliers are also waiting for China and Vietnam to resume their fresh bookings after holidays.
Bangladesh-based major steel mills were heard to have booked Japanese bulk scrap cargo for Mar’21 shipment. One bulk cargo comprising 18,000 t of H2 has been booked at around $420-425/t CFR Chittagong. Few trade sources indicated one more cargo of similar grade to have been booked around $430/t CFR Chittagong. However, the quantity was not confirmed till the time of publishing this report.
SteelMint’s assessment for Japanese H2 now stands at $427/t CFR Chittagong, up by $10 w-o-w.
Containerised prices went up by over $30 w-o-w: With increasing imported scrap prices, the gap between offers and bids has widened. However, trades in small quantity continues to happen.
“Few deals for shredded have been concluded at $448-450/t CFR level and some quantity of PNS has been sold at around $450/t CFR Chittagong level”, highlighted market participants.
“There aren’t so many offers at the moment. Yards and suppliers are trying to push offers at maximum levels, anticipating sharp rise in offers after Chinese holidays” shared a prominent Bangladesh based trader.
- Fresh offers for UK origin shredded is being quoted at $455-460/t CFR Chittagong levels, trade remains slow on high offers
- HMS from UK is being quoted at $450/t CFR level, whereas buyers’ expectations are now at $430/t CFR basis
Indian sponge iron export price indications were heard at $370-372 CPT Benapole, moving up by $10-15/t w-o-w. However, deals are yet to be concluded at increased offers, SteelMint learnt.
Domestic rebar offers slightly up- Major mills’ have raised domestic rebar offers slightly by BDT 500/t and currently offers stand at BDT 65,500/t exw levels, which was steady from last two few weeks at BDT 65,000/t levels. Local shipyard scrap prices have also climbed further by over BDT 2,000/t and currently stand at BDT 41,500/t exy level.
Rebar offers of smaller mills have moved up further by BDT 1,500/t and are currently being quoted in the range of BDT 61,000-63,000/t exw.
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