Import scrap prices have started to show some weakening this week, along with the recent drops in Pakistan and India, as most suppliers, especially those from Europe were inactive amid weather conditions for scrap collection and shipping difficulties across major regions. At the same time, trade activity in the import scrap segment has been lacking strength due to anticipated elections in Bangladesh at the beginning of January 2024.
More specifically, in the containerized segment, offers for ex-UK/EU shredded scrap have been voiced at $435-440/mt CFR, against $440-445/mt CFR last week, with a few small deals for ex-UK scrap reportedly done at around $430/mt CFR, according to sources. Besides, offers for HMS I/II 80:20 have dropped by $10/mt week on week to $415/mt CFR. Offers for PNS scrap from Hong Kong have been still voiced at $445-450/mt CFR, though bids were reported at around $440/mt CFR level.
In the bulk segment, a deal for around 8,000 mt of ex-Singapore HMS grade scrap has been reported at $430/mt CFR, done last week. No fresh deals for ex-US scrap have been heard in Bangladesh this week, with the indicative offers for shredded scrap standing at $430/mt CFR level, down by around $5/mt week on week.
“Trade has been stopped in anticipation of elections, and we expect that business activity is unlikely to revive before mid-January,” a Bangladeshi trader told SteelOrbis.