BANGLADESH SCRAP: Ramadan break, high stocks push prices down

Prices for ferrous scrap imports into Bangladesh declined over the past week with buying activity held back by high stocks of material as well as the start of the Islamic celebration of Ramadan, sources told Fastmarkets on Thursday April 30.

Prices in the Bangladesh market had been strong since the start of April, with higher offer prices from the US West Coast due to the low supply of material, together with a jump in import scrap prices in the important Turkish market.
But the subsequent decline in Turkish scrap buying prices at the beginning of this week and the continuation of the nationwide Covid-19 pandemic lockdown in Bangladesh, combined with the start of Ramadan this week, has reduced buying activity.

Fastmarkets' price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh,...

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