BANGLADESH STEEL SCRAP: Lockdown, production cuts muzzle import demand

Demand for steel scrap imports into Bangladesh was being limited by the country's extended Covid-19-related lockdown, market participants told Fastmarkets on Thursday July 8.

The strict lockdown, which has been extended until at least July 14, has led to a complete shutdown of the country's steel retail market and has led to an exodus of laborers from the capital city, Dhaka.
"They are not admitting it, but one of the large steel mills has cut its production by at least 20% and some of the smaller mills in Dhaka have reduced their output by 50%," an exporter source said.
"Some steelmakers have tried increasing their steel prices, but who will they sell to with the retail market shut? Government contracts have fixed prices for steel so these will not change at all," he said.

The exporter added that he believed the lockdown could...

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