Bangladesh Steel Mills Book Two Bulk Scrap Cargoes - Sources
SteelMint learned from industry participants that imported scrap market in Bangladesh has observed two bulk scrap vessels booked last week.
According to sources, amid witnessing a series of bulk scrap trades towards closing last week by Turkish steel mills, Bangladesh steel mills also booked two bulk cargoes each from leading scrap suppliers based in US west coast comprising Shredded scrap at around USD 360-365/MT, CFR Chittagong levels.
According to sources, one of the bulk cargo is comprising of 32,000 MT Shredded scrap while both cargoes are expected for May month delivery. Sources pointed out that US bulk scrap prices are higher as compared to UK/Europe prices at the moment mainly on strong domestic demand in US and poor weather conditions. However, domestic steel sentiments in Bangladesh remained almost similar since past few weeks’ time.
SteelMint’s price assessment for containerized Shredded scrap stands at around USD 350/MT, CFR Chittagong up marginally by USD 5/MT against the last week’s report. Scrap yards based in Europe and UK are quoting USD 350-355/MT, CFR levels as supply remain tight in the global market.
Containerized P&S scrap from Canada and Brazil traded at around USD 360-365/MT, CFR Chittagong while containerized HMS 1 from Chile and Brazil assessed at around USD 335-340/MT, CFR. Shipyard scrap selling prices increased by around BDT 1000/MT to BDT 38,000/MT (USD 452) ex-Chittagong against the last report.
Bangladesh bulk scrap imports recorded at 29,550 MT in Feb’19 observing a sharp drop of 88% M-o-M against a record high of 236,783 MT in Jan’19.
According to data maintained with SteelMint, Bangladesh imported 1,077,024 MT bulk ferrous scrap during CY18, marginally up as against 1,037,094 MT in 2017. Top ferrous scrap exporters were USA, UK, Japan and Russia. Around 35-40% share of total scrap imports is occupied by bulk cargoes in Bangladesh.
Key updates-
-- According to SteelMint’s price assessment, US origin HMS (80:20) scrap stands at USD 325/MT, CFR Turkey. While HMS 1&2 (80:20) of Europe origin stands at around USD 318-320/MT, CFR.
-- According to SteelDaily’s report, South Korean leading steelmaker Dongkuk steel has booked a bulk scrap cargo of HMS 1 from the US at USD 350/MT, CFR South Korea.
-- Indian scrap importers observed improved sentiments for imported scrap recently and heard to have booked containerized HMS 1 in the range USD 325-330/MT, CFR Nhava Sheva from Dubai and South Africa.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
