Bangladesh steel scrap sentiment dips following spate of import bookings

Sentiment in the Bangladesh import scrap market has reduced in the last week following a raft of bulk cargoes sold to the country, market participants told Fastmarkets on Thursday November 25.

More than 200,000 tonnes of bulk scrap have been heard sold to the country since the start of November, with most of the sales taking place in the first half of the month.

A cargo of US-origin steel scrap totaling 32,000 tonnes was heard sold at a composite price of $575 per tonne cfr Bangladesh late last week for January shipment, sources said. The deal comprised 20,000 tonnes of shredded scrap, with at least 10,000 tonnes of HMS 1&2 (80:20) in the balance of the cargo, sources said.

The HMS 1&2 (80:20) price in the cargo works out at $560 per tonne cfr Bangladesh, sources said, with a premium of $20 per tonne heard for shredded amid a shortage of shredded scrap in the US market. 

Two further cargoes of deep-sea scrap from the US West Coast of around 35,000 tonnes apiece were also heard booked at...

Published

Lee Allen

November 25, 2021

16:56 GMT

London