Imported scrap trades to Bangladesh remained average over the last week, with offers from most origins remaining mostly stable to slightly inching up on a weekly basis. Most container deals were concluded from Brazil and Australia, while a bulk cargo from Japan was also closed earlier this week amid sharply falling Japanese export offers.
SteelMint’s offers for Shredded scrap from UK/Europe stands at $292-295/t CFR Chittagong, slightly up against $288-290/t levels last week. Very limited inquiries for Shredded at these levels was observed, while Brazil origin Shredded stood at $273-275/t CFR levels.
A Chittagong based mill booked a cargo from Japan at the opening of this week, consisting of 10,000 t of Japanese Busheling scrap, at a price of $287-288/t CFR Chittagong, significantly lower than their previous Japanese bookings in June. Japanese scrap export offers have fallen by over 40/t in last 3 weeks.
HMS 1&2 (80:20) offers from Brazil were reported at around $265/t CFR Chittagong, with some batches in containers booked to mills in Dhaka, at this level. Other bookings included Australian HMS 1&2 (90:10) being sold in few deals of 500-1000/t each, at around $270/t CFR, while fresh offers for Australian HMS stood at $272/t for HMS 1&2 (90:10), $267-268/t for HMS 1&2 (80:20) and $275/t and above for HMS 1. Some P&S offers were reported at around $295-300/t from Australia and Brazil.
Local ship yard scrap prices remain at around BDT 26,000/t ($ 307) ex Chittagong, inclusive of all taxes, after falling continuously last month, on account of sharp drop in prices of scrapped vessels purchased by ship recyclers in the last 3-4 weeks. Local billet prices have moved down to BDT 40,000/t ($ 471) ex plant for medium mills in Dhaka region, down BDT 1000/t w-o-w, amid continued downtrend in domestic steel market on low demand, further aggravated by monsoon slowdown.
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