SteelMint learned in recent conversations with industry participants that limited trades in containers concluded at further corrected prices for imported scrap in Bangladesh. Local steel prices stand almost unchanged awaiting upcoming general elections in the country next month. While finish steel prices remain supported amid an average movement.
Offers for containerized Shredded scrap stand at around USD 357-360/MT, CFR Chittagong from Europe and Canada having moved down by USD 7-8/MT as against USD 365-368/MT levels last week. However, buyers’ expectations remain below USD 5-8/MT than current prevailing offers.
P&S scrap offers of USA origin heard at around USD 365/MT, CFR, down USD 5-10/MT W-o-W. No bulk bookings heard as most of the buyers continue buying in containers.
According to sources, offers for HMS 1 stand almost stable at USD 340-345/MT, CFR Chittagong as against last week’s report. While HMS bundles from Central America traded at around USD 310/MT, CFR Chittagong.
Amid selling pressure, Indian sponge iron export offers heard to have corrected further USD 5-10/MT this week. Indian sponge offers heard in the range USD 355-360/MT, CFR Chittagong but purchases remained limited.
Local scrap prices tumble following global prices – Local scrap prices have come down following falling global prices but its availability remains limited. Local scrap assessed at around BDT 35,000-35,200/MT (USD 417-420), ex-works, down BDT 500-1000/MT as against last report, while local ship breaking scrap prices stand around BDT 34,000/MT levels inclusive of taxes.
Local ship cutting plate prices have moved up BDT 300/MT on W-o-W basis. Prices stand at BDT 41,500-41,700/MT for 16 mm, at around BDT 40,500/MT for 12 mm and at around BDT 42,500-42,700/MT for plate thickness 20 mm & above.
Local finish steel market observed limited demand which resulted in an adjustment in the production by few steel mills amid piling stocks. Mid-level steel mills continue offering Rebar in the range BDT 57,000-58,000/MT, ex-works.
Ship breaking market in Bangladesh observes weakening sentiments – The assessment for ship cutting stands unchanged W-o-W at USD 425-430/LDT for general dry bulk cargo, at USD 440/LDT for tanker cargo and at USD 450/LDT for containers on CNF Bangladesh basis. Market is primarily been affected by shortage of USD leading to inability of end buyers to open new LCs. Many of the buyers are already booked with tonnages. While local appetite remains weak as ship plate, has left USD 25-30/MT off from its peak a month ago.
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