Rising container freight costs, together with expectations of seasonally tighter scrap supply in the US and Europe in the coming weeks, has led to some Bangladeshi mills deciding to re-enter the market for deep-sea cargoes in recent weeks to secure large tonnages of scrap in single transactions.
Following the booking of a US deep-sea cargo just over two weeks ago
, new deals were secured for US and Japan-origin scrap in bulk this week.
Fastmarkets heard that the highest-bid lot for H2 at Wednesday’s Kanto Tetsugen – an auction between scrap suppliers in the Tokyo area – was sold to a mill in Bangladesh at $338 per tonne cfr. Another deal for Japanese Shindachi busheling in bulk was heard sold at $360 per tonne cfr Bangladesh this week.
Also on Wednesday, an exporter on the US West Coast sold a bulk cargo at $336 per tonne cfr Bangladesh for HMS 1&2...