Steel mills in Bangladesh remained inactive this week amid increasing offers for imported scrap. However ship breaking scrap being cheaper remained more preferable.
Offers for imported scrap almost remained firm with slight upward movement on W-o-W basis. However, fresh bookings remained subdued.
Price assessment for Shredded scrap in containers stood at USD 345/MT, CFR Chittagong. These offers are higher by USD 10-15/MT than last week assessment which was around USD 330-335/MT, CFR.
HMS 1&2 (80:20) from Dubai origin offered at USD 330/MT while HMS 1 from other major origins is assessed at USD 335/MT, CFR Port Chittagong.
Offers for P&S scrap are heard around USD 345/MT, CFR.
However steel mills have kept away from booking vessels and concluding deals at these high offers. Another matter of concern for Bangladesh scrap importers is prolonged port congestion owing significant imports of food grains, etc resulting in increased waiting time of scrap vessels.
“Bangladesh based scrap importers are quiet and no major deals for imported scrap were reported this week. Since local ship breaking prices are low, buyers are seen preferring it over imported scrap”, shared a scrap trader based in Bangladesh.
Ship breaking prices in Bangladesh are heard around USD 370/LDT, CFR Bangladesh for general cargo and USD 390/LDT, CFR Bangladesh for tanker cargoes.
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