Offer prices for import scrap have increased slightly in Bangladesh this week amid better sentiments gaining ground globally, though trade activity has remained extremely slow affected by slack demand and liquidity issues, with most market insiders expecting some new deals to be seen at a higher price not earlier than next week.
More specifically, offers for ex-EU/UK shredded scrap in containers have increased by around $10/mt week on week, reaching around $405/mt CFR. Besides, offers for HMS I/II 80:20 from Europe and the UK have been estimated at $390/mt CFR, up by $5/mt over the past week.
Furthermore, offers for ex-Australia PNS scrap have been estimated at $405-410/mt CFR and offers for ex-Hong Kong PNS at around $415/mt CFR, “which seems on the higher side from last week”, according to sources.
Meanwhile, indicative offers for ex-US HMS grade scrap in bulk have rolled back to the levels of two weeks ago at $380-385/mt CFR, against $375/mt CFR last week.
“Economic instability, political uncertainties, and obstacles in trade routes have further contributed to the downturn in demand in Bangladesh. Besides, there is no demand for scrap as construction activity is slow, while there is no buying interest from rebar sellers and steel suppliers working on government projects,” a Bangladeshi trader told SteelOrbis.