BANGLADESH STEEL SCRAP: Containers of HMS booked at lower prices

Bangladeshi steelmakers have dipped into the market for small tonnages of containerized heavy melting scrap at slightly lower prices over the past week, market participants told Fastmarkets on Thursday July 29.

Overall steel scrap demand remained low, with the country still in a strict Covid-19 lockdown and facing production restrictions, but a small number of deals were heard closed with mills looking to ensure supply in the coming months.
"Most furnaces are closed in Bangladesh, so mills are facing almost 15 days of extra scrap inventory," an exporter source said.
"Some smaller furnaces in Dhaka have reopened, but mills are just keeping them hot and producing very little. The transport system has collapsed in Bangladesh and no scrap is moving inland," he said.
A South Asian trading source indicated that there is no urgency to buy in Bangladesh.

"Big production cuts have taken place and due to existing labor issues mills don't...

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