BANGLADESH STEEL SCRAP: Prices rise after fresh US deep-sea cargo

Prices for bulk steel scrap imported to Bangladesh increased in the week to Thursday November 12 following a new deal for a deep-sea cargo from the United States West Coast, sources have told Fastmarkets.

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...

Published

Lee Allen

November 13, 2020

07:42 GMT

Singapore