Bangladesh mills book Japanese bulk scrap cargo

Bangladesh imported scrap market has remained slow in past few weeks due to rains softening steel demand. However, few Japanese bulk cargoes got booked in last one week, SteelMint learned from sources.

Recently, the largest Bangladeshi steel mill has booked a 10,000 t of Japanese bulk scrap cargo at around $282/t CFR Chittagong basis.

"US West coast bulk scrap offers have surged further and are at $305-310/t, CFR Bangladesh considering the recent hike in Turkey prices", shared a scrap trader.

Another steelmaker in Bangladesh concluded a deal for Australia/New Zealand origin good quality of HMS 1&2 (80:20) in containers getting booked in the range of $280-285/t CFR Chittagong level.

A total of 315,847 t of bulk scrap imported by Bangladesh in Jun '20, in which six vessels were from Japan carrying 84,685 t of Japanese scrap. Another prominent scrap exporter was USA, as it exported seven bulk vessels carrying 231,162 t of scrap, as per vessel line up data.

During the H1 CY '20 (Jan-Jun '20), Bangladesh has increased significantly its bulk scrap imports by 63% to 1,129,838 t in contrast with just 691,938 t of scrap imported during H1 CY '19 (Jan- Jun '19), as per stats data maintained with SteelMint.