BANGLADESH STEEL SCRAP: Bid-offer gap too wide to clinch deals

Market participants in the Bangladesh scrap market must close the gap between bids and offers to achieve any fresh bulk sales, sources told Fastmarkets on Thursday June 11.

Some traders expected Bangladeshi mills to re-enter the market for bulk and containerized scrap in the weeks following the country’s Eid-ul-Fitr holidays, but this has simply not materialized.
Instead, while bulk scrap offers from the US West Coast have ballooned over recent weeks amid higher sales prices to Vietnam, bid levels from Bangladesh mill buyers have stayed largely stable, sources said.
Fastmarkets’ price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh was $280-290 per tonne on June 11, widening up by $5 week on week from $280-285 per tonne cfr last week.

Offers for bulk HMS 1&2 (80:20) from the US West Coast were heard at $295-305 per tonne cfr...

Published

Lee Allen

June 11, 2020

13:55 GMT

Singapore