Imported scrap offers to India have moved up after scrap prices in global market witnessed upwards movement. Imported scrap (US origin HMS 80:20) prices in Turkey increased by USD 7-8/MT W-o-W and was recorded at USD 314/MT, CFR Turkey by the week end.
Another reason that has lifted Bangladesh imported scrap offers is hike in freight rates arising due to port congestion.
Current assessment for UK origin Shredded scrap stands at USD 350/MT, CFR Chittagong port against previous week’s assessment of USD 345/MT, CFR. Thus, offers have moved up by USD 5/MT W-o-W.
Similarly offers for P&S have increased by USD 5-10/MT on weekly basis and it is currently heard around USD 350-355/MT, CFR Chittagong.
Dubai origin HMS (80:20) prices are assessed at USD 330/MT, CFR.
Bangladesh steel mills were seen preferring local ship breaking scrap against imported as the former is still cheaper and to avoid waiting time period of the imported scrap vessels. However major steel mills expect imported scrap buying to resume soon as a restocking measure.
Bulk scrap imports to Bangladesh has increased significantly this fiscal. During Jul-Oct’17, bulk scrap imports to Bangladesh stood at 291,590 MT against 246,900 MT in the similar time frame last year.
Billet imports have fallen on rising scrap imports. Bangladesh bulk billet imports stood at 81,700 MT Jul-Oct’17 against 209,450 MT in the similar time frame last year.
HBI import vessel expected in 1st week of Dec’17 – As per report from a major steel maker in Bangladesh, an HBI import vessel is expected to arrive at Bangladesh port in 1st week of Dec’17. The deal price for the same is expected around USD 290-295/MT, CFR.
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