Bangladesh: Dull sentiments in finished steel market keep imported scrap trades low

Imported scrap trades to Bangladesh remained majorly stable this week due to dull finished steel demand. Also, locally available shipyard scrap remained a preference over the imported scrap due to cost-effectiveness.

• SteelMint's assessment for containerized shredded 211 scrap from UK/ Europe origins range-bound before the Eid holidays and stands in the range of $300/t CFR Chittagong.
  
  
• Few offers for P&S in containers were heard from UK/Europe origin at around $290/t CFR level.
  
  
• Deals for HMS 1 from Brazil were reported at around $274/t CFR. HMS from Australia/New Zealand are now being quoted at $ 280-285/t CFR Chittagong.
  
  
• Fresh offers for shredded in bulk from USA west coast now stand at $300/t CFR Chittagong basis, increasing sharply by $15/t as compared to last week. However, this week no bulk deals have got concluded at this level.
  
  

"Heavy rains have kept finished steel demand low in Bangladesh and mills running at low capacities. Thus limited trades for imported scrap are seen presently", shared a participant from Bangladesh mill.

Domestic market update:

Domestic billet prices remained firm at BDT 40,000/t exw Dhaka inclusive of all taxes. Rebar prices too, remained mostly stable at BDT 48,000-49,000/t exw Dhaka.

Local shipyard scrap prices have slightly moved up for yet another week by BDT 1000/t and currently stand at BDT 27,000-27,200/t ex yard Chittagong, inclusive of all taxes.