BANGLADESH STEEL SCRAP: Prices inch down on fresh US deep-sea deal

Prices for steel scrap cargoes imported to Bangladesh showed a slight decline over the past week following new business from the United States, market sources told Fastmarkets.

Fastmarkets’ weekly price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh was $325-329 per tonne on Thursday September 17, narrowing downward by $6 per tonne from $325-335 per tonne cfr a week earlier.
Market participants told Fastmarkets last week that deep-sea bookings were expected soon given that two steelmakers were actively hunting bulk cargoes.
This prediction was proved correct when a Bangladeshi steelmaker secured at least one cargo from the US West Coast during the weekend.
The mill bought 8,000 tonnes of HMS 1&2 (80:20) at $325-327 per tonne cfr and 24,000 tonnes of shredded scrap at $330-332 cfr, Fastmarkets heard.

Sellers had been hoping to achieve prices of around $330-335 per tonne, cfr Bangladesh for deep sea...

Published

Lee Allen

September 18, 2020

07:31 GMT

Singapore