Import scrap prices have decreased in Bangladesh this week following the global downtrend, while market conditions have remained challenging due to problems with opening letters of credit (LCs) and sluggish demand. Thus, interest in imported scrap remains limited, while, according to sources, some Bangladeshi mills are still receiving previously booked bulk scrap orders, which has lessened the urgency for new imports.
More specifically, offers for ex-EU shredded scrap in containers have decreased by $5/mt week on week to $395/mt CFR, while offers for HMS I/II 80:20 scrap have been estimated at $385/mt CFR, against $390/mt CFR last week.
At the same time, no fresh deals have been reported for ex-EU scrap this week, though several new transactions have been heard for scrap from Australia, South America and Brazil. In particular, a deal for ex-Australia HMS I grade scrap has been confirmed at $380/mt CFR, down by $10/mt week on week, while another deal for HMS bundle scrap from the Far East has been signed at $375/mt CFR. “Deals have been rare this week. Apart from a few deals from Australia, we estimate around 2,000-2,500 mt of HMS I/II 80:20 and HMS I scrap were booked at $370-380/mt CFR from South America and Brazil,” a Bangladeshi trader told SteelOrbis.
Meanwhile, indicative offers for ex-US HMS grade scrap in bulk have been voiced at $375/mt CFR, versus $380-385/mt CFR last week, though no deals have been reported so far. Offers for ex-Japan H2 scrap have been estimated at $365/mt CFR, down by $5-10/mt week on week.