BANGLADESH STEEL SCRAP: Low inventories prompt rush for container deals Import prices for steel scrap to Bangladesh continued to rise during the week to Thursday May 20, with buyers increasingly searching for tonnages, sources told Fastmarkets. Poor local steel prices, the country’s ongoing Covid-19 crisis, and the holy month of Ramadan had kept Bangladeshi mills out of the market for scrap imports in recent weeks.
But the lack of buying, together with the country’s largest mills continuing to produce steel at high capacity utilization rates, meant that scrap inventory levels are dropping below acceptable levels, sources said.
Offers were mostly at $545-555 per tonne cfr Bangladesh for deep-sea heavy melting scrap 1&2 (80:20) from the United States West Coast over the past week, with no deals done since buyers were unwilling to pay more than $525 per tonne cfr at the time of price assessment on Thursday.
BANGLADESH STEEL SCRAP: Covid-19 oxygen crisis rocks steelmakers, shipbreakers The Bangladeshi steel and shipbreaking sectors are facing huge difficulties in the face of mounting Covid-19 cases in the country amid reduced supplies of oxygen, sources told Fastmarkets. Daily deaths due to the virus in Bangladesh have soared in recent weeks, with a seven-day average of 100 fatalities due to Covid-19 recorded on Thursday April 22.
Bangladesh is under a nationwide lockdown, but steel and most industrial activity is currently allowed to operate - although that may change soon, sources told Fastmarkets.
Hospitals have come under crippling pressure in the country, with municipal oxygen supplies now being diverted away from industry and towards intensive care units.
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New transactions concluded for containerized steel scrap cargoes sold to Bangladesh fetched lower prices over the past week, sources told Fastmarkets.
Buyers in Bangladesh, Pakistan and India have been successful in the past week in their attempts to reduce import prices for containerized scrap.
“Asian mills appear to be winning in this round of buying,” a trading source in the United States said.
At least two Bangladeshi steelmakers booked imported shredded scrap in containers at $480 per tonne cfr for United Kingdom material at the beginning of this week. A deal in the middle of the week involving 3,000-4,000 tonnes of shredded scrap was heard at $476 per tonne cfr.
BANGLADESH STEEL SCRAP: Prices slide despite high freight costs New transactions concluded for containerized steel scrap cargoes sold to Bangladesh fetched lower prices over the past week, sources told Fastmarkets. Buyers in Bangladesh, Pakistan and India have been successful in the past week in their attempts to reduce import prices for containerized scrap.
“Asian mills appear to be winning in this round of buying,” a trading source in the United States said.
At least two Bangladeshi steelmakers booked imported shredded scrap in containers at $480 per tonne cfr for United Kingdom material at the beginning of this week. A deal in the middle of the week involving 3,000-4,000 tonnes of shredded scrap was heard at $476 per tonne cfr.