Bangladesh: Imported Scrap Trades Remain Slow on High Offers
Imported scrap offers to Bangladesh continued to rise sharply for yet another week, with the recent rise in the global market being reflected in offers to South Asia, SteelMint learnt from market participants. Trades in containers have turned slow over the last week, with uncertainty over the global trend as well as active bookings in the previous weeks, however as the market expects the prices to rise further in the winter months, buyers would look to actively restock in the coming weeks at favorable prices.
SteelMint’s assessment for containerized Shredded scrap from UK, Europe and North America stands in the range of USD 290-295/MT, CFR Chittagong, rising by USD 5-10/MT against last week’s report. A Dhaka based mill booked 1000 MT of Shredded from North American origins at USD 290/MT CFR for December shipment, while offers from few other global suppliers were reported to be up to USD 295/MT, amid slow trades this week.
A Japanese cargo was concluded at the closing of last week to a mill in Chittagong, comprising of 12,000 MT of Shin Dachi scrap, while no other bulk cargo bookings were reported this week.
Few trades for HMS scrap were reported at USD 8-10/MT higher than previous. HMS 1&2 from Brazil and Australia were recently traded at USD 280/MT CFR Chittagong, with few mills in Dhaka booking at these levels for Dec’19 while HMS 1 offers stand at USD 285/MT from Australia and Europe. Trades for clean bundles from Chile and South American origins were also observed at around USD 255/MT.
P&S scrap offers also climbed up in similar proportions, now standing at around USD 300/MT CFR, however, buying activities remain limited.
Domestic scrap offers withheld by ship recyclers - Although the current offers for the ship yard scrap in Chittagong market stands at BDT 29500-30,000/MT, (USD 348-354/MT) stable against previous weeks, however, the yards are not offering much material, tactically waiting for a further rise in prices by creating a supply-demand gap rising international scrap prices.
source: SteelMint
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