Prices for steel scrap imported into Bangladesh in containers have gone down again over the past week, while those for bulk cargoes were steadier, market participants told Fastmarkets on Thursday October 8.
Weaker scrap market sentiment across the globe in recent weeks, combined with unfavorable Bangladeshi steel prices, has led to mills in the country presenting scrap sellers with cheap bids over the seven days, sources said.
"Most customers are sending inquiries for containers of scrap, but their bid prices are dropping [too] much. People are testing the desperation levels of sellers now," one exporter said.
"We are just holding out," he added. "We have had good sales and October is totally sold out for containers. Plus, we feel that Turkey will have to come back [to the market] for scrap at higher prices."
Others were more frustrated by the current situation.
"To be honest, I am completely out of the market now. It's no fun and it's all pain," a South Asian trader told Fastmarkets.
"Some mills are trying their luck with bids at $295 per tonne cfr for...