Bangladesh was plunged into political turmoil after its prime minister resigned and fled to India on Monday under pressure from the military and a mass public uprising. Now, the country faces an uncertain future, while trading activity in the steel sector and importation of scrap have been paused.
“This week, the steel market has been very quiet due to political turmoil. No new offers have been voiced for containerized scrap,” a Bangladesh-based trader told SteelOrbis, adding, “Indicative prices for ex-US HMS grade scrap in bulk have been heard at $410/mt CFR this week.”
“We hope the situation will be clearer next week. For now, no offers have been reported,” another source said.
According to several sources, occasional offers for ex-Australia HMS I/II 80:20 scrap in containers have been heard at $405/mt CFR Bangladesh this week, mainly the same as last week.