BANGLADESH STEEL SCRAP: Container shortage, low supply raise prices

An ever-tighter supply of containers combined with low steel scrap generation in key export regions has led to another sharp increase to Bangladesh import scrap prices over the week to November 20, sources told Fastmarkets.

Steel prices in Bangladesh remain flat amid an oversupply but mills that require material need to keep buying to keep their furnaces running despite the higher prices, market participants said.
A Bangladeshi steelmaker source told Fastmarkets that his mill was short on material and he was looking to procure either a bulk cargo or a spate of containers soon.
"There's been a jump of almost $10 per tonne in the price every day this week - it's madness," a South Asian trader said. "Mills in Bangladesh want to pay the same prices as Vietnam, which in a rising market is a no-go for us."

In an illiquid and stable market, a deal could be reached to modify shipment size to save money on freight and reduce the scrap price in a sale to Bangladesh but in a rising market...

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