BANGLADESH SCRAP: Import prices drop on virus lockdown fears

Prices for bulk ferrous scrap cargoes imported into Bangladesh have fallen over the past week amid a deterioration in international scrap prices and heightened disruption created by the 2019-nCoV coronavirus pandemic, market sources told Fastmarkets on Thursday March 19.

Bangladesh has provided a rare bright spot for bulk scrap sellers over recent weeks, with a strong local steel market and high container freight costs prompting mills to book at least six cargoes from the United States, Australia and Japan since the beginning of the month.
But prices have weakened in recent days amid lower offer prices, following the near-$25-per-tonne decline in Turkish buying prices on Tuesday, combined with fears that the South Asian country may be placed under lockdown due to the pandemic.

Fastmarkets’ inaugural price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh, was $270-275 per tonne cfr on March 19, down from prices of $278-280 per tonne cfr heard one...

Published

Lee Allen

March 19, 2020

13:02 GMT

Singapore