Bangladesh: Imported Scrap Trades Reported as Domestic Scrap Offers Rise
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SteelMint learned in recent conversations with industry participants that importers in Bangladesh have continued buying scrap in containers amid improving sentiments in the local market. Finish steel demand remained steady with decent supply movement. Imported Shredded scrap prices have inched up by USD 2-3/MT on a W-o-W basis however, local scrap prices continued upward movement amid limited supply and rising demand.
Shredded scrap trades from South Africa heard in the range USD 375-380/MT, CFR and offers heard at around USD 378-380/MT CFR from Brazil. While in the recent trades, HMS 1 from South Africa was traded at USD 363-364/MT, CFR Chittagong, stable against last week's report.
P&S price assessment of Brazilian origin stands at USD 380-385/MT, CFR Chittagong.
Offers for Indian sponge iron to Bangladesh reported firm this week at around USD 365/MT, CFR Chittagong on steady demand.
Bangladesh local scrap prices move up further - Local HMS scrap prices continue uptrend since past two weeks and assessed at around BDT 36,000-36,500/MT, ex-works while local ship breaking scrap heard at around 34,500-35,000/MT. Prices are inclusive of taxes.
Ship cutting plate prices remained almost stable on weekly basis. Latest prices assessed at BDT 41,300/MT for 16 mm, at BDT 40,300/MT for 12 mm and at around BDT 42,300-42,500/MT for plate thickness 20 mm & above.
Local finish steel market observed average movement at stable prices this week. Rebar prices of mid-size mills heard hovering at range bound levels of BDT 57,000-58,000/MT, ex-works.
Ship breaking market in Bangladesh observes softening - The assessment for ship cutting prices has come down by USD 10/MT W-o-W at USD 435/LDT for general dry bulk cargo, at USD 445/LDT for tanker cargo and at USD 455/LDT for containers on CNF Bangladesh basis. End buyers remain hesitant amid softening of ship plate prices and increasing backlog of inventories at local yard. No sale was reported as few buyers start to hold with an anticipation of added pressure on supply of tonnage for rest of the year.
