Scrap prices continued to rise in the South Asian country due to a strengthening of the United States’ domestic scrap markets, which made sellers more reluctant to offer cargoes for export.
Run rates at major Bangladeshi mills have also continued to rise, with a few large steelmakers operating close to 100% of their capacity, a Bangladeshi mill source said.
“The US is holding up domestically, so I don’t see export prices going down. US shippers are holding back material because the domestic market is strong,” a South Asian trader said.
“This is a boom period, and sellers are trying to pare the losses made in the first half of the year. There will be a correction eventually, though. The Bangladeshi market is inflated,” he added.
Offers for bulk cargoes of for heavy melting scrap 1&2 (80:20) from the US West Coast started this week at $330 per tonne cfr...