Trading activity in the Bangladesh import ferrous scrap market has ground to a halt in a week that has featured the continued Ramadan lull and the emergence of category-2 Cyclone Amphan over the country, market participants told Fastmarkets on Thursday May 21.
"No deals have been done recently. The market is very quiet because we are going into a long holiday for the eid festival," one South Asian trader said.
The Eid al-Fitr marks the end of the Islamic holy month of Ramadan, the final week of which is traditionally a period of low activity in the Bangladesh import scrap market. This year has proven no different, with no deals heard being closed in either the bulk or container markets, and only a handful of offers or bids heard.
Bangladesh will commemorate the eid on May 24-26, but the continuing lockdown in the country means that citizens will not be allowed to leave their homes and celebrate in the traditional manner, the trader said.
"The market is very quiet," a second South Asian trader said. "[Upcoming] eid holidays must be the reason, and domestic steel prices have dropped."
Bangladeshi steel prices have...