Bangladesh import scarp offers are down in line with lower scarp price globally by USD 15/MT.
Imported scrap offer to Bangladesh from Europe /US for HMS scrap 80:20 are assessed at USD 250-255/MT CIF and Shredded are at USD 270-275/MT CIF. Prices reported are down by USD 15/MT W-o-W.
“Presently, the bulk buyers are not participating in any buying, so there is nil inquiries and small buyers have little inquiries for Feb’17 delivery” said an indenter located in Bangladesh.
SteelMint learned from trade sources that the congestion in Chittagong port has also eased from past 15 – 20 days to below 10 days now.
Sponge iron buying from India is on hold due to falling scrap offers. Present offers of Sponge iron FeM 80%, Lumps 100% assessed at USD 245-250/MT CIF Benapole port. No fresh booking heard at present offer.
SAFTA Agreement was created for trade benefits to its registered nations which expired on 31st Dec’16 and it may get renewed in mid Feb’17. Market sources expect the agreement will have same terms and conditions and it may improve the trade between India & Bangladesh.
SAFTA came into effect on 1 January 2006, with the aim of reducing tariffs for intra-regional trade among the seven SAARC members.
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