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...