Bangladesh-based major mills have lifted domestic rebar prices further by around BDT 2,000/t ($23). Major steel mills in Bangladesh are offering rebar (10-16 mm) at BDT 75,000-77,000/t ($874-897/t) exy-Chittagong. Dhaka-based plants too have raised offers to BDT 74,000/t ($862/t) on exy basis, up by BDT 3,000/t w-o-w. Due to the cost push on high prices of imported ferrous scrap, mills have lifted offers.
Containerised bookings continue to happen
Bangladesh’s imported scrap trade in containers continued, after active bookings were recorded last week for Dec’21 shipments. In addition, Dhaka-based steel mills remain active in booking containerised scrap.
“Around 12,000-15,000 t of UK-origin shredded scrap in containers was booked earlier this week at $580/t on CFR basis,” said a prominent Dhaka-based scrap trader.
Recent offers:
- Fresh offers for UK/EU-origin shredded is being offered at $575-580/t CFR Chittagong, down by $10-15/t w-o-w.
- Fresh offers for EU-origin HMS (80:20) are being quoted at $545-555/t CFR Chittagong, offers firm w-o-w.
Bulk scrap offers for Bangladesh remain range-bound – Bulk scrap buyers show their concern with no active inquiries heard since the last few days. A couple of bulk scrap bookings from the EU were heard concluded in the last one week.
There was a buzz around the market that a Bangladesh-based major mill has booked bulk Japanese cargo. However, the details remained unconfirmed till the time of publishing this report. Firm offers for bulk Japanese H2 is at $585-590/t CFR Chittagong levels.
Outlook
Mills are expected to remain active in booking imported scrap ahead of winter restocking which is likely to keep market sentiments supported.
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