Imported scrap offers to Bangladesh moved up this week owing to rising imported billet prices.
Scrap prices have gone up by USD 5/MT. Containerized Shredded scrap being offered at USD 235-240/MT CFR Chittagong , which were USD 230-235/MT last week.
Similarly, HMS 1 offers have gone up by USD 5/MT. Currently, it is being offered at USD 230-235/MT, CFR Chittagong.
A trader confirmed to sold 1,000 MT shredded scrap at above USD 235/MT, CFR Chittagong Port.
Imported billet offers rise sharply
Limited supply of billet from China has pushed prices in Bangladesh. Imported billet offers have gone up from USD 320/MT CFR to USD 335-340/MT, CFR Chittagong in last 15 days.
It is to be noted that Chinese billet supplies have reduced owing to ongoing investigation on tax rebates enjoyed by Chinese steel mills by exporting billet in name of square bars.
Market participants believe that scrap prices may find more strength, looking at rising billet prices.
Global scrap prices in week 34
| Particular | Size | Prices | Change | 1W | 1M |
| CNF Bangladesh | HMS(80:20), Europe | 230 | +10 | 220 | 215 |
| Shredded, Europe | 240 | +5 | 235 | 230 | |
| CNF India | HMS(80:20), Europe | 210 | +3 | 207 | 205 |
| HMS-1, Middle East | 220 | +5 | 215 | 215 | |
| HMS-1&2, Middle East | 215 | +5 | 210 | 207 | |
| HMS-1&2, S.Africa | 220 | +3 | 217 | 215 | |
| Shredded, Europe | 230 | +7 | 223 | 220 | |
| Shredded, US | 230 | +5 | 225 | 220 | |
| CNF Pakistan | Shredded, Europe | 235 | +5 | 230 | 227 |
| CNF Taiwan | HMS(80:20), US | 216.5 | +12.5 | 204 | 200 |
| CNF Turkey | HMS(80:20), US | 227-230 | +2 | 229 | 220 |
| FOB Japan | Busheling Shredded | 235 | +15 | 220 | 215 |
| FOB Europe | HMS(80:20) | 210 | +3 | 207 | 200 |
| FOB US | Shredded | 215 | +5 | 210 | 205 |
Prices in USD/MT
Source: SteelMint Research
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