SteelMint learned in conversations with industry participants that imported scrap market in Bangladesh remained slow after year-end holidays. Although activities haven’t picked up in a full-fledged manner, the local market has turned optimistic with no change in the ruling party in the general elections concluded on 30th Dec’18. Participants are hopeful for a slight lift in finish steel prices with a resumption of construction projects in the near future.
After returning from the holidays, few participants have started inquiring for imported scrap offers. Limited offers for containerized Shredded 211 are available in the range of USD 340-345/MT, CFR Chittagong from UK and USA origin. SteelMints’ price assessment inched up as against the last week report on improving sentiments.
While price assessment for containerized Shredded scrap from Europe, South America, and other origins still stands in the range USD 335-340/MT, CFR Chittagong.
HMS 1 from Chile and Brazil is being offered at stable levels of USD 330/MT, CFR, however, no major trade heard in the market. Assessment of HMS 1&2 (80:20) from Europe/UK origin stands stable at around USD 320-325/MT, CFR and P&S scrap at around USD 345-350/MT, CFR from Brazil and South America.
Ship cutting plate prices assessed flat at around BDT 41,000-41,200/MT for 16 mm.
Sponge Iron – Indian sponge iron export offers to Bangladesh are more or less firm amid weak demand. Latest offers reported at USD 345-350/MT, CFR Chittagong.
Participants believed that prices likely to remain under pressure as domestic raw materials prices are on a downtrend in the Indian market. Also, low global scrap offers may put pressure on Indian sponge iron exporters.
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