BANGLADESH STEEL SCRAP: Bulk market in standoff amid high prices

High prices for deep-sea cargoes of scrap are preventing fresh deals involving bulk shipments into the key Bangladesh import market, sources have told Fastmarkets.

A bid for a bulk cargo of shredded scrap from the United States was heard at $490 per tonne cfr Bangladesh over the last week, but no sales were concluded. Sellers said on Thursday March 4 that acceptable prices for bulk cargoes of shredded scrap were no lower than $500-510 per tonne cfr Bangladesh.
Seller indications were as high as $510-520 per tonne cfr Bangladesh for US-origin composite deep-sea cargoes comprising a mixture of heavy melting scrap 1&2 (80:20) and shredded scrap, a South Asian trading source said.
But buyers had no interest at these levels.
A Bangladeshi steelmaker source told Fastmarkets that based on recent sales to the Turkish market, prices of $485-490 per tonne cfr would be the maximum that buyers could consider for deep-sea cargoes of HMS 1&2 (80:20) after negotiation.

Fastmarkets’ price assessment for bulk cargoes of steel scrap, shredded,...

Published

Lee Allen

March 05, 2021

06:34 GMT

Singapore