Import offers of scrap to Bangladesh have continued to move up unabated on the heels of the continued uptrend in the global market. Specifically, achieving much higher prices in deals this week in Turkey and in other Asian countries, foreign scrap suppliers have decided not to lose their opportunity to increase their offers to Bangladesh as well. Although most Bangladeshi customers are delaying their bookings, preferring to evaluate current developments, they are expected to return to the market soon, having no other option but to accept higher prices.
Meanwhile, though at the beginning of the week offers for bulk HMS I/II 80:20 scrap were considered by most Bangladeshi customers to be speculative, towards the end of the week they have reached $570/mt CFR. This is a $35/mt increase over the past week, SteelOrbis understands. “Our market cannot digest such prices today. Hence, no one is booking now,” a major trader commented with regard to the current developments.
In the meantime, containerized HMS I/II 80:20 scrap offers have increased by $20/mt within the past week to $535/mt CFR. Import offers for shredded scrap of European origin have been heard at $560-565/mt CFR, up $5-10/mt week on week.