Bangladesh Steel Mill Books 25,000 MT Bulk Scrap Vessel from Australia
SteelMint learned from industry participants that Bangladesh steel market has recently turned very active for bookings of bulk vessels of ferrous scrap, with a few new players also joining the bulk market, as the country is witnessing aggressive expansion spree in steel melting capacities.
In a confirmed deal concluded towards closing of last week, a global metal recycler’s Australian Division, sold a bulk vessel to a Chittagong based steelmaker comprising of total of 25,000 MT of cargo, with 19,500 MT of HMS 1&2 (80:20) and 5,500 MT of P&S scrap at USD 263/MT and 273/MT respectively, CFR Chittagong. The cargo is likely to be shipped in Nov'19.
The above-mentioned steelmaker is also planning to book another bulk vessel this week. With their expansion project likely to be commissioned by this year-end, the steelmaker’s scrap demand has significantly increased, turning bulk scrap market of the country further active.
This is likely 4th bulk vessel booking of scrap to Bangladesh reported in the last one month. In Sep’19, a prominent USA (west coast) based supplier sold a Bulk vessel each to 3 other prominent Chittagong based Steelmakers, of each 32,000-35,000 MT of cargo in each vessel.
Containerized scrap prices to Bangladesh have been falling contentiously since the last 3 months, having dropped by around USD 75/MT during this period. The offers for Shredded in containers currently stand at USD 260-265/MT CFR.
source: SteelMint
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