Overall scrap demand in the country remained low, particularly given the start of the monsoon season this month, but sources said that buyers in the container market have been forced to raise prices over the week because of stronger prices in other key markets such as Turkey
[LINK] and Pakistan.
“Buyers are saying that they won’t purchase now due to the wet season. Bangladeshi [steel] billet prices are down and rebar prices are down too,” a South Asian scrap trader said.
“However, in Turkey, we are not seeing any weakness. Some were hoping for prices to fall below $500 per tonne cfr Turkey for HMS 1&2, but suppliers are resisting,” he said.
“Production at mills in Chittagong is still high but demand for steel products is low, so...