Bangladesh: Imported Scrap Offers Stable; Limited Deals Reported

SteelMint learned in recent conversations with industry participants that imported scrap market in Bangladesh has observed stability on weekly basis. However, very limited offers were floating in the market as most of the buyers remain away from the bookings. Also, finish steel sales have remained slow amid heavy rains & cyclones all over the country.

Bangladesh observes Cyclone hitting coastal areas - The cyclone 'Titli' has caused clouds clustering in the major regions of the country including Dhaka. Meteorological department asked the maritime ports to hoist local cautionary signal No. 4 which may be affected by the cyclone.

In recent deals concluded, containerized Shredded from Europe and UK heard to have booked in the range of USD 370-375/MT, CFR Chittagong. South African origin HMS 1 traded at stable levels of USD 365/MT, CFR Chittagong. Brazil origin P&S scrap assessed at around USD 375/MT, CFR.

Offers for HMS 1&2 (80:20) from Chile and other origin heard at USD 352-355/MT, CFR Chittagong. UAE based offers heard limited after the slight correction on dull Indian demand.

Indian sponge export offers to Bangladesh stand almost stable in the range USD 345-355/MT, CFR Chittagong levels despite increase in local steel prices and INR depreciation in India. Market remains subdued for more clarity on global scrap prices and Indian sponge export offers.

Bangladesh local scrap prices almost stable W-o-W - Local scrap prices heard at BDT 35,200-35,500/MT (USD 419-422) while local ship yard melting scrap heard at around BDT 34,500/MT, stable as against last weeks' report inclusive local taxes and it remains cheaper over imported.

Local finish steel market remains slow - Local rebar market stands subdued without much movement. Sales remain slow with very minor improvement as few steel mills tried to hike prices. however, overall prices stand stable for small and medium scale local rebar producers.

Local ship cutting plate prices slump slightly after rising in a weeks' time - Ship cutting plate prices have inched down by BDT 300/MT after rising by BDT 1000/MT against last week. Latest prices assessed at BDT 42,200/MT for 16 mm, at BDT 41,200/MT for 12 mm and at around BDT 43,000-43,200/MT for plate thickness 20 mm & above.

Ship breaking market observes stable sentiments - Chittagong's ship cutting market remained stable in terms of prices on W-o-W basis. Current ship cutting prices assessed at USD 440/LDT for general dry bulk cargo, at USD 450/LDT for tanker cargo and at USD 460/LDT for containers on CNF Bangladesh basis. However, market remains sideline due to issues with L/C facilities and volatility in the Indian market.