According to Mining News Pro - SteelMint learned in recent conversations with market participants that imported scrap offers to Bangladesh have remained almost stable however, with dull demand continues for finish steel in the domestic market, very few buyers were active for buying imported scrap and limited enquiries heard this week.
On the other hand, few participants are now expecting for correction in imported scrap market in upcoming days amid fall in sponge export offers from India.
Offers for containerized Shredded scrap from UK are still hovering in the range of USD 378-380/MT, CFR Chittagong. While price assessment of Shredded 211 in containers from Europe stands at around USD 375/MT, CFR. South African origin HMS 1 remained stable at USD 365/MT, CFR Chittagong. UAE based suppliers remain holding offers high amid tight supply.
Few offers for South African origin P&S scrap heard at around USD 372/MT,CFR however very less buying observed at the moment.
Indian sponge export offers to Bangladesh have corrected to USD 380/MT, CFR levels following decline in domestic prices in India. Declined prices for Indian sponge iron and more availability local scrap is resulting in shifting interest towards local scrap.
Bangladesh local scrap prices inch up marginally - Local scrap prices equivalent to P&S scrap heard at BDT 35,500-35,800/MT (USD 423-425) while local HMS scrap prices heard in the range of BDT 34,300-34,700/MT as against last report of BDT 33,500-34,000/MT last week inclusive local taxes and it remains cheaper over imported.
Local finish steel market continues downtrend on dull demand - Slow construction activities and considerable stocks of finish steel put pressure on rebar prices for medium scale producers which have moved down by BDT 500/MT W-o-W in Bangladesh. This situation is expected to improve with pick up in demand in the near future.
Local ship cutting plate prices climb BDT 600-700/MT - Ship cutting plate prices have increased by BDT 600-700/MT (USD 7-8) on W-o-W basis amid tight supply in Bangladesh. Prices assessed at BDT 41,700/MT for 16 mm, at BDT 40,700/MT for 12 mm and at around BDT 42,700/MT for plate thickness 20 mm & above.
Ship breaking market bounces back with recent sales at high prices - After a month of sluggish demand and pricing, Bangladesh market rebounded back with prices moved up by USD 10-20/MT W-o-W. Couple of sales including a container of 2,940 LDT and a Tanker of 4,815 LDT concluded at decent levels. Current ship cutting prices assessed at USD 430/LDT for general dry bulk cargo, at USD 440/LDT for tanker cargo and at USD 450/LDT for containers on CNF Bangladesh basis. However, usually these short spikes do not last long and correct downwards in only a matter of days.
