Bangladesh: Imported scrap trade in containers active, re-bar prices range-bound
Imported scrap prices in containers have remained mostly firm on a weekly basis and in recent trades concluded. SteelMint last week reported on bulk scrap bookings conclu...
Imported scrap prices in containers have remained mostly firm on a weekly basis and in recent trades concluded. SteelMint last week reported on bulk scrap bookings concluded from the US and New Zealand. However, no bulk bookings were heard this week. Due to sluggish demand for rebar by end-consumers in the domestic market, the imported scrap trade has remained slow.
Recent deal and offers
- UK/EU-origin shredded in containers is being offered at $530-540/t CFR Chittagong levels, mostly unchanged w-o-w.
- Around 2,000-3,000 t of UK-origin HMS 1&2 (80:20) have been booked at around $500/t CFR levels. Offers are being quoted at $500-510/t CFR levels.
- Another deal of 1,000 t of HMS (90:10) has been concluded at $508/t CFR levels.
The bulk imported scrap market remained mostly quiet after bookings concluded last week for bulk US HMS (80:20) around $510/t CFR. However, negotiations are going on for bulk cargoes, and deals are likely to happen in the near future, owing to seasonal demand.
Transport strike withdrawal improves movement at Chittagong Port : Most of the operations at Chittagong Port have resumed operations after remaining suspended for the last two days as a faction of the owners and workers of goods transport are observing a countrywide 72-hour work abstention since yesterday demanding fulfilment of their unmet demands.
Domestic re-bar offers from major mills steady amid weak demand: Re-bar demand is likely to witness improvement due to construction activities in the coming months, as per sources. Bangladesh steel mills 're-bar (10-16mm) offers are at BDT 71,000-73,000/t ($831-855) exy-Chittagong, untapped w-o-w, as per SteelMint's assessment.
In contrast, offers by Dhaka-based plants have remained stable at BDT 66,000-67,000/t exy. Covid impacted the market as major mills are already having to deal with inventories.