In recent conversations with market participants SteelMint learned that, most of the industry participants remained in the holiday mood in Bangladesh owing to which market remained silent and very limited quantity trades have reported in both imports and domestic markets.
Offers for containerized Shredded 211 scrap was reported at around USD 390/MT, CFR Chittagong and very small quantities of HMS 1&2 (80:20) from UK based supplier was booked at around USD 360-365/MT, CFR. Most of the suppliers remained less offering in order to analyse the correct price trend in the global market and many of them remained optimistic about price rise in the Turkish market.
Price assessment for P&S scrap stood at around USD 395/MT from Europe while HMS 1 assessed at around USD 385-390/MT, CFR Chittagong depending on the quality of scrap from Brazil and UAE.
5 Bulk scrap vessels reported at Chittagong port – As per vessel line up data maintained with SteelMint, 70,040 MT scrap has already arrived at berth in Jun’18 (till 20 Jun’18). 121,982 MT scrap is at anchorage position.
SteelMint Bulk Scrap Vessel Line Up data as updated on 21st Jun’18 –
| Vessel Name | Country | Quantity In MT | Date | Status |
| BMC Bravo | USA | 2,592 | 24 May’18 | Anchorage |
| Island Spirit | USA | 30,590 | 01 Jun’18 | Anchorage |
| Efitichia | USA | 32,650 | 7 Jun’18 | Anchorage |
| Sage Symphony | UK | 34,000 | 12 Jun’18 | Anchorage |
| Tan Binh 236 | N/A | 22,150 | 12 Jun’18 | Anchorage |
Source: Provisional Data, SteelMint Research
Local steel markets likely to resume next week in full swing – According to sources, although few participants have returned into the markets but activities are likely to resume actively only in the next week by 25th – 27th June. Restocking activities are expected to pick up further in the coming days.
Local scrap prices last reported at around BDT 36,800-37,300/MT (USD 436-442), ex-works. Domestic ship cutting scrap prices was assessed mostly in the range of BDT 42,500-43,500/MT (USD 503-515), depending on size including 15% local taxes. Prices for local rebar and billets assessed unchanged in the market as very fewer activities observed in the market.
Ship breaking prices stable on W-o-W – Before observing closure for Eid holiday’s ship cutting market witnessed firmer sentiments in Bangladesh and few sales reported. Ship cutting prices remained stable on W-o-W basis. As prices assessed at USD 425/LDT for general dry bulk cargo, at USD 435/LDT for tanker cargo and at USD 450/LDT for containers on CNF Bangladesh basis. A VLCC of 41,601 LDT volumes sold at around USD 448/MT, CNF and a tanker fetched USD 354/LDT, CNF.
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