Bangladesh Imported Scrap Prices Inch Down; Buying Interest Remains Low
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Imported scrap trades in containers to Bangladesh remained slow for another week, as major buyers stayed away from buying, watching the market trend in anticipation for further downslide. Offers from global suppliers inched down against last week, with some trades for HMS being concluded from South American and European origins, however slow finished steel sales prevented active raw material procurement.
SteelMint's assessment for containerized Shredded scrap from UK/Europe stands at around USD 305-306 /MT, CFR Chittagong, slightly down by USD 3-5/MT against USD 310/MT levels observed during last week's offers. Apart from a few odd bookings, container bookings remained very slow as many steelmakers remained in wait and watch mode on .
"We have made no container bookings recently and waiting for global market to react in the next few days" shared a major mill in Chittagong.
Imported HMS trades observed a little more activity. A Dhaka based mill booked 1000 MT of HMS 1&2 (80:20) from Chile at USD 280/MT CFR Chittagong this week, with current offers from Brazil and UK suppliers standing at USD 275-277/MT CFR for HMS 1&2.
Meanwhile HMS 1 from various origins including North America were reported at around USD 285/MT CFR, with Australian HMS 1 being offered with a slight premium at around USD 290/MT CFR.
P&S scrap offers from Brazil was reported to be in the range of USD 295-300/MT, notably lower than current shredded price levels, against the general trend, while few trades for LMS bundles were witnessed at USD 260/MT CFR.
