No fresh trades for imported scrap to Bangladesh were reported this week, with very few offers prevailing from global suppliers, as major export markets in Europe and North America are reeling under severe COVID-19 pandemic escalation. In Bangladesh too, central government has ordered the closure of all offices and institutions, however most major Steel mills are currently working.
SteelMint’s assessment for Shredded from North America remains at around USD 285-288/MT, CFR slightly down than last week, however no transaction concluded in recent days. The silence in the market may continue for another couple of weeks, as banks working only 3 hours per day amid the coronavirus outbreak precautions, LCs for scrap import bookings are expected to get delayed.
“As of now all major steelmakers are operational, however tonight’s upcoming PM’s speech on covid-19 guidelines are expected to put more light on the situation. Plants may be ordered shut down” shared one of the largest steelmakers in the country.
Few offers for HMS Scrap were reported, with HMS 1&2 (80:20) were assessed at USD 270/MT CFR, with no major trades in the recent few days and minimal buyer interest witnessed, especially after the sharp collapse in prices at global levels earlier this week.
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