Buying is seen limited after the prices of Chinese billet decreased to a great extent reaching to USD 400-410/MT FOB China, the buyers even as they are low in stocks (scrap) cautious to buy cargo, as they are expecting prices may fall.
According to traders in Bangladesh, “The Buyers in Bangladesh are still not taking position as they are expecting for prices to fall. There have been trade for 5000-6000 tonne Brazilian PNS from a premium trader at around USD 320-325/MT CFR Chittagong. No buying interest for shredded scrap from Europe/US as the freights have increased. Offers are assessed at USD 330-335/MT CFR Chittagong.”
Another Trader said that “bulk cargo from Japan was bid at USD 300/MT but the buyers are not willing to take position currently.”
The buying activity are seen stronger in India and Pakistan. Lot of trade from Middle east has been reported in last one month. Last deal of HMS 1 (25 tonnes) from Dubai settled at around USD 310-315/MT CFR Nava Sheva. According to sources, India has booked 4-5 vessels of bulk scrap mixed cargo which is said to be of US Origin and Pakistan has also done some bulk bookings at USD 312/MT levels.
Leave a Reply