Bangladesh: Domestic Scrap Prices Up in Recent Trades

Local scrap market in Bangladesh witnessed an uptick in sales, with most ship recyclers in Chittagong collectively hiking offers today. Ship yard's melting scrap was sold at BDT 31,500/MT (USD 371) ex Chittagong and Ship plates (re-rollable) of 12-16 mm were sold at BDT 38,000-40,000/MT (USD 445-471) ex Chittagong. Prices have moved up by USD 15-20/MT W-o-W. New vessels being procured at higher prices as well as high imported scrap prices are likely to keep local scrap prices supported in the near future.

However imported scrap offers to Bangladesh stood majorly stable over this week, with most major origins remaining on vacations. Buying activities stood mostly silent with only a handful of deals in containers being reported for HMS. Most buyers await fresh offers when trades resume by 2nd week on January, however, the stagnant Rebar market is expected to keep buyers' bids on the lower side.

SteelMint's price assessment for containerized shredded scrap remains stable in the range of USD 323-325/MT, CFR Chittagong, as last week, although no major inquiries for shredded scrap were observed with most suppliers too withholding their offers to Bangladesh this week. In the last couple of weeks, container trades to Bangladesh have remained majorly silent.

HMS scrap witnessed few bookings, with HMS 1 from North American origins observing a few deals being concluded at USD 305-307/MT CFR Chittagong, at the closing of last week, and HMS 1&2 (80:20) from Brazil stood at around USD 295-300/MT CFR. P&S scrap offers remained in the range of USD 315-320/MT CFR. Imported scrap market will seek clarity in next week, as per trade sources.