Imported scrap offers for Bangladesh have increased further this week by $5-10. Japanese bulk scrap offers for Bangladesh have moved up significantly, with a total hike of $10 w-o-w basis. However, only major mills are active in the bulk scrap market, though mini-mills, are hesitating to book cargoes, considering dull finished steel market sentiments.
Japan’s monthly Kanto tender, which was concluded earlier today at an average price of JPY 30,605/t FAS basis. The tender was concluded in slots of 15,000 t and 5,000 t at JPY 30,717/t ($ 292) and JPY 30,270/t ($ 288) by Bangladesh and Vietnam each. Whereas another bulk Japanese H2 scrap cargo of 20,000 t was booked. However, the deal price is not confirmed at the time of publishing this report.
SteelMint’s assessment for bulk Japanese H2 stands around $325-330/t, CFR Chittagong.
US sellers are less likely to offer bulk HMS cargo below $335-340 CFR levels for Dec’20 cargoes, US based source highlighted. Definitely, there is a scarcity of scrap at the moment, and supply/demand issues on container availability are also driving prices higher, he added.
Containerised offers –
- A decent quantity of HMS 1 has been booked at around $330/t CFR Chittagong earlier this week
- Shredded offers are being offered at around $335-340t CFR level. However, hardly any trades were reported
- SteelMint’s assessment of containerized shredded 211 scrap from UK/Europe origins stands stable at $335-340/t CFR Chittagong
Finished steel prices of major mills like BSRM, and Abul Khair have remained unchanged. Rebar offers of medium-sized mills are heard at BDT 51,000-51,500. Currently, shipyard scrap prices stand at BDT 34,000/t ex yard Chittagong basis, stable w-o-w.
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