Imported scrap trades to Bangladesh have remained almost completely silent, in absence of any major bookings, while offers from most export origins have further climbed up on account of global surge. Although steel mills are operating now, however the production levels remain low, and steelmakers are not in need of immediate restocking due to present inventories.
Assessment for Shredded scrap in containers stand at USD 290/MT CFR Chittagong, with most offers in the range of USD 288-290/MT CFR now, a surge of over USD 12-13/MT against the price level in earlier half of last week. Over the last 3 days this week, no bookings in containers were reported, a participant from global scrap trading company highlighted.
HMS offers from various origins remained range bound. HMS 1&2 (80:20) is being offered at around USD 255-259/MT CFR Chittagong from Brazil and USD 260-262/MT CFR from other origins. HMS 1&2 (90:10) offers from Australia were witnessed at USD 266-270/MT CFR while most offers for HMS 1 were reported at around USD 275/MT CFR. Some P&S offers were also heard at USD 295/MT CFR.
According to reliable sources from steel mills, it is less likely that steelmakers will book good quantities of shredded scrap at these price levels, and apart from few necessary deals as per requirements, container bookings are likely to remain on the lower side in the near term.
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