IRON and STEEL
Scrap & Recycling
SteelMint learned from industry participants that imported scrap market in Bangladesh has observed very limited trades for imported scrap amid subdued demand this week.
Buyers stand reluctant to buy much amid disparity in bids and offers that are being quoted at the moment and average local steel demand.
SteelMint’s price assessment for Shredded scrap remained steady at around USD 350/MT, CFR in line with the last report. Scrap yards based in Europe, UK and USA were quoting USD 350-355/MT, CFR levels but buyers remained interested mostly in the range USD 335-345/MT, CFR. Limited trades of Shredded from Europe was being reported at around USD 345/MT, CFR and P&S scrap from Brazil traded in containers at around USD 355/MT, CFR Chittagong.
Containerized HMS 1 from Chile and Brazil assessed at around USD 338-340/MT, CFR while HMS 1&2 (80:20) from West Africa is being offered around USD 335/MT, CFR. Price assessment of HMS 1&2 from other origins like South America, Africa, Europe and UK stand in the range USD 330-335/MT, CFR Chittagong amid very limited offers available in the market.
Indian sponge iron export prices remain more competitive - Indian domestic Sponge Iron prices have moved down INR 500-800/MT W-o-W amid low local demand, this has resulted in a slump in sponge iron export offers to Bangladesh by USD 5-10/MT on a weekly basis. Recent offers for exports of sponge iron (FeM 78-80) were hovering at USD 320-325/MT, CNF Chittagong, Bangladesh.
Domestic scrap prices stable on W-o-W basis - Shipyard scrap selling prices were hovering at around BDT 37,500/MT, (USD 447) ex-Chittagong while local HMS scrap assessed at around BDT 36,000/MT (USD 428), ex-plant basis inclusive of local taxes.
Ship Breaking - Sales of large LDT dry units and containers have been continuing since past couple of weeks in Bangladesh however, there is an increasing shortage of capable and end buyers in the market reason being which participants anticipate price levels on larger LDT vessels to start falling in the near terms. SteelMint’s price assessment of stand at USD 450/LT for Tankers, USD 460/LT for Containers & USD 440/LT for Dry Bulk vessels.