In conversation with the market participants, SteelMint learned that imported scrap offers to Bangladesh have inched down further this week, amid consistent downtrend in global prices for several weeks now. Few bulk bookings were made by major players were observed with uncertainty in containerized scrap market. Domestic market is still waiting for steel demand to turn positive in coming weeks.
About 3 bulk cargoes of ferrous scrap were booked by one of the leading Chittagong based steelmakers. The bookings included a 30,000 MT of mixed grade cargo from a major USA based yard, along with 2 bookings of Japanese bulk vessels comprising of 22,000 MT of H2:H1 (50:50) and 10,000 MT of H2:H1 (80:20) scrap, while it is speculated that the last booking (10,000 MT) Shredded was booked at around USD 305/MT, CFR Chittagong. Prior to this, last week, 3 bulk cargoes of 30-32,000 MT each of Shredded scrap were booked by different USA based yard at USD 330-336/MT, CFR.
SteelMint’s assessment for containerized Shredded scrap from UK, Europe and USA stand in the range of USD 308-310/MT, CFR Chittagong dropping slightly against last week with few bookings being reported in the range.
HMS scrap offers continued to drop this week as well, with Brazil origin HMS 1&2 (80:20) and HMS being offered at around USD 295-300/MT, CFR. South African and Australian HMS was assessed at a slight premium at around 305/MT, CFR.
Pakistan imported scrap prices fall further in recent deals -SteelMint’s assessment for containerized Shredded 211 scrap from US, Europe and UK stand at USD 291-293/MT, CFR Qasim, lowering by around USD 5/MT against yesterday’s report, with minor trades being reported in the range recently.
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