Trade activity in the import scrap market in Bangladesh has remained limited this week as most buyers have continued to face problems with opening letters of credit (LCs). At the same time, import prices have been moving in different directions, with offers for scrap in containers still voiced at more or less the same levels as last week, while offers for scrap in bulk have been rising following the bullish market in Turkey.
More specifically, offers for ex-EU/UK shredded scrap in containers have been heard at $435/mt CFR, against $430-435/mt CFR last week, while offers for PNS scrap have been estimated at $440-445/mt CFR, the same as last week. Besides, a deal for around 2,000 mt of ex-Hong Kong PNS scrap has been signed at $440/mt CFR this week. Offers for mixed batches of ex-UAE HMS I and PNS scrap have remained unchanged at $415-420/mt CFR, and, according to market insiders, around 25,000 mt in total have been booked over the past month at the above levels.
Meanwhile, according to sources, a deal for around 2,000 mt of ex-Australia HMS I/II 80:20 scrap has been reported at $415/mt CFR, the same as last week.
In the bulk segment, however, new import prices have increased sharply this week following the strong increases seen in the Turkish market. Specifically, indicative offers for ex-US HMS I/II 80:20 have been heard at $430-435/mt CFR, up by $10-15/mt week on week, while offers for shredded scrap have settled at $440-445/mt CFR, versus $425/mt CFR last week.
No fresh deals have been reported for ex-US scrap so far. However, according to sources, last week three batches for ex-Singapore scrap in bulk for 24,000-27,000 mt in total were signed at $410/mt CFR for HMS I/II 80:20 and at $425/mt CFR for PNS scrap. Besides, this week scrap has changed hands at $425/mt CFR for HMS I/II 80:20 and at $433/mt CFR for PNS scrap.