Bangladeshi mills are concerned the market will keep going down and are, therefore, reluctant to complete import deals in the current market climate, a Bangladeshi steelmaker source said.
Domestic scrap prices in Bangladesh have fallen by about $80-90 per tonne over the past two weeks and “buyers will book as much of this material as they need,” he added.
The shipbreaking equivalent to plate & structural (P&S) scrap can now be bought for $400 per tonne ex-yard in Bangladesh, according to a South Asian trader. The price has fallen since the rise in ship scrappage volumes in December.
That compares with offers of $415-420 per tonne cfr for the inferior-quality HMS 1&2 (80:20) in the containerized import market, while offers for shredded...