Other Elements and Materials

Bangladesh: Imported Scrap Prices Inch Down in Recent Deals

Bangladesh: Imported Scrap Prices Inch Down in Recent Deals
Mining News Pro - In recent conversations with market participants SteelMint learned that, scrap importers in Bangladesh have continued scrap bookings as offers have edged down further on W-o-W basis. Many of the participants kept buying in limited quantities over weak finish steel demand in the country on heavy monsoon. Dullness in global markets and sharp weakened demand since past few days are pulling prices down owing to which importers remain hopeful for further corrections by USD 5-7/MT in prices in coming days.
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In recent trade deals, Shredded 211 scrap from USA and Canada sold in the range of USD 385-388/MT, CFR Chittagong. Although offers for Shredded are available in the range of USD 385-390/MT buying interest stands at USD 380/MT levels. Not many offers for P&S scrap were available in the market nevertheless, assessment remains stable at USD 390-393/MT, CFR Chittagong.

On the other hand, HMS 1 scrap assessment has come down by USD 5-7/MT W-o-W in Bangladesh. HMS 1 from Brazil and Chile sold at around USD 372/MT and USD 360/MT, CFR respectively. While Europe HMS 1&2 (80:20) assessment stood at around USD 350-355/MT, CFR as against USD 360-365/MT report at which few deals were sold last week. West African HMS 1&2 (80:20) sold at USD 344/MT, CFR.

International markets are not buying scrap actively, especially seasonal slowdown in India and currency devaluation in Pakistan have kept importers away from buying which may result in further corrections in Bangladesh prices in upcoming days however, domestic steel market remains less supportive in the country ” shared a steelmaker.

Domestic scrap prices in Bangladesh also observe decline - Local scrap prices in Bangladesh reported downward corrections and assessed at around BDT 35,500-36,000/MT (USD 419-425), ex-works. Domestic ship cutting plate scrap prices also edged down marginally on weak fundamentals. Prices assessed at around BDT 43,500/MT for plates larger than 20mm size while remained in the range of BDT 42,600-43,000/MT (USD 503-508) for size 16 mm to 20mm. Few limited trades concluded at BDT 41,500/MT levels for plates less than 16 mm size.

Offers for local rebar for medium-scale producers remain at around BDT 61,000-62,000/MT (USD 720-732) ex-works, Chittagong including 15% taxes. Limited deals are being reported as overall demand is not considerable in the market.

Ship breaking prices move down marginally in Bangladesh – Banking issues have continued to remain as a matter of concern for Bangladesh Ship cutter especially for VLCC’s and Suezmax tankers. Looking at price differentials for all sub-continental markets, it seems that majority of unsold units will head to Chittagong market. Prices assessed at USD 415/LDT for general dry bulk cargo, at USD 435/LDT for tanker cargo and at USD 445/LDT for containers on CNF Bangladesh basis. Last week, a FSU type unit of 38,732 LDT volumes was reported at decent USD 420/LT LDT levels.




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