BANGLADESH SCRAP: Import prices drop sharply while buyers exit market

Prices for bulk cargoes of ferrous scrap imported to Bangladesh sank on Thursday as scrap-heavy steel mills showed less appetite for material, market sources told Fastmarkets.

Mills in Bangladesh have been on a bulk-scrap buying bonanza for much of March - securing at least nine bulk cargoes from the United States, Japan and Australia during the month.
But purchasing has declined drastically in recent days amid higher inventories and the imposition of a Bangladesh-wide lockdown in response to the spread of the coronavirus (Covid-19) in the nation.

Fastmarkets' price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh was $240-250 per tonne cfr on March 26, down $25-30 per tonne from $270-275...

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