Prices fell sharply last week, with some traders expecting that Bangladesh’s mills had completed their scrap bookings for the next month, because of high stock levels and the imposition of a country-wide lockdown
intended to control the spread of the Covid-19 pandemic.
But prices were supported over the week by a resumption of scrap buying.
One Bangladesh mill booked a US West Coast bulk cargo on March 30 at prices of $245 per tonne cfr Chittagong for HMS 1&2 (80:20) and $250 per tonne cfr for shredded scrap, market participants told Fastmarkets. That deal compared with...