Bangladesh: Imported Scrap Offers Move Up; Trades Limited Amid Lock Down

After the global price hike earlier this week, due to supply disruptions and less material availability at most supplier's end, imported scrap offers to Bangladesh also began to witness the impact and moved up. Number of offers currently remains very limited, and at the same time, interest from buyers is also dwindling, due to the extended lockdown causing many mills to shut down.

One major Steelmaker from Chittagong booked a cargo vessel with 10,000 MT of Bushelling scrap from Japan last Saturday, at USD 255/MT CFR, at sharply low price-level in comparison to March bookings from Japan.

SteelMint's assessment of Shredded scrap from North America stands at USD 270-275/MT, up by USD 15/MT against last week, however due to the slow domestic steel sales and end-user demand, mills did not show much interest in Shredded at these levels.

HMS 1 offers were witnessed at around USD 245/MT CFR from various origins, while some offers of HMS 1&2 (80:20) were heard at around USD 235-240/MT levels from Australia and New Zealand suppliers. Also few offers of P&S were reported at USD 265-270/MT CFR with limited inquiries.

"We have finally shut down our plant operations and so have most mills in Dhaka due to strict lockdown orders from govt and rising steel inventories, while few large Chittagong mills are still operational" shared a major Dhaka based steelmaker.