Imported scrap prices into Bangladesh increased sharply in the last one week. Buyers and traders were proactive in the market for restocking ahead of the monsoon season. Seasonal buying activities have been observed despite imported scrap offers increasing, primarily from the UK on supply constraints.
Containerised buyers remain active: Imported scrap trade in containers picked up amidst lack of bulk offers. However, major mills continued their production with the previous inventories.
Confirmed trade –
- SteelMint’s assessment for shredded from the UK stands at $550-560/tonne (t) CFR levels, up by over $20/t w-o-w.
- A global trading company sold around 3,000-4,000 t of UK-origin HMS 1&2 (80:20) at $538/t CFR Chittagong.
- In another deal, around 4,000-5,000 t of bushelling scrap has been sold at around $590/t CFR Chittagong.
- Another trader sold around 1,000 t of Chile-origin HMS 1&2 (80:20) at $538/t CFR.
- Deals for Brazil-origin HMS were heard at $530/t CFR Chittagong.
Bulk scrap trade remained mostly absent due to disparity in bids and offers. Japanese suppliers were seen less interested in quoting fresh offers for Bangladesh, as they were engaging in deals with players from other potential countries.
SteelMint’s assessment for local shipyard prices increased by BDT 2,000/t w-o-w to BDT 49,500/t exy-Chittagong.
Indian sponge iron export deals: About 4,500 t of fresh deals of sponge iron from eastern India have been reported for Bangladesh. Price indications for these export deals stand at $495-505/t CFR Bangladesh.
Major mills keep rebar offers unchanged: Domestic rebar offers remained largely stable throughout the week as the market was weak. However, major mills kept their offers unchanged against last week at BDT 70,000-72,500/t exw-Chittagong. On the other side, Dhaka-based mills slightly lowered their offers from BDT 69,000/t to BDT 68,000/t exw, down by BDT 1,000/t ($12/t) w-o-w.
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