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Bangladesh Mills Book Two More Bulk Scrap Vessels

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Melting Scrap

BigMint Bureau

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8 Mar 2018, 15:16 IST

Bangladesh Mills Book Two More Bulk Scrap Vessels

Bangladesh scrap importers recently booked two more bulk scrap vessels despite a sharp increase in prices. Around 75,000 MT of scrap has booked over the limited inventories and rising local steel prices.

As per recent conversations with market participants SteelMint learned that, recently two more bulk scrap vessels have been booked in Bangladesh. A vessel comprising 35,000 MT of Shredded scrap and another vessel comprising 40,000 MT of composite scrap booked from USA based suppliers. According to sources, these vessels sold at around USD 425/MT, CFR Bangladesh indicating scrap prices are quite robust in Bangladesh.

Offers for Shredded scrap from UK and USA in containers assessed at USD 416-420/MT, CFR Chittagong. While according to sources, in a deal concluded recently in containers the premium Shredded scrap sold at USD 419/MT, CFR Chittagong from UK.

These trades pushed price assessment up by USD 10/MT further on W-o-W basis. Offers for P&S scrap heard in containers the range of USD 420-425/MT, CFR from Brazil and Australia. HMS 1&2 (80:20) in containers assessed at around USD 400/MT, CFR from Australia and at USD 400-405/MT, CFR from Dubai and South Africa.

"Prices have moved up over the strengthening of global scrap prices and sharply increased freight charges. Anticipation of robust steel demand and strong steel prices in upcoming days in the country possibly have resulted in increasing scrap demand from Bangladesh steelmakers"- Shared a source.

The local ship breaking scrap prices in Bangladesh are reported at around BDT 34,000-35,000/MT (USD 408-420), ex-works and excluding local taxes.

Ship breaking prices increased by USD 20/MT on W-o-W basis in Bangladesh. Prices assessed at USD 450/LDT for general dry bulk cargo, at USD 460/LDT for tanker cargo and at USD 470/LDT for containers respectively on CNF Bangladesh basis. Amid minor shortage for finish steel in the local market prices moved up sharply. Thus market witnessed aggressive sentiments from buyers' end this week in Bangladesh.

Bangladesh bulk scrap imports fall 16% in Feb'18 - As per ports data maintained with SteelMint, Bangladesh bulk scrap imports fell 16% M-o-M in Feb'18.Bangladesh imported 75,980 MT ferrous scrap in Feb'18 as against 90,650 MT in Jan'18. In Feb'18, United States and United Kingdom each supplied around 0.04 MnT ferrous scrap in bulk vessels while a vessel booked from USA carrying 31,210 MT is currently at anchorage in Bangladesh.