Prices for bulk cargoes of steel scrap imported to Bangladesh jumped over the last seven days following two fresh deals from the United States West Coast, sources told Fastmarkets on Thursday August 13.
Market participants said that Bangladeshi mills have booked at least four bulk scrap cargoes over the last three weeks, with three different mills purchasing material.
One deal was closed for 8,000 tonnes of HMS 1&2 (80:20) at $307.50 per tonne cfr Bangladesh, 17,000 tonnes of shredded scrap at $312.50 per tonne and 7,000 tonnes of No1 busheling at $322.50 per tonne for loading and shipment by early September.
The mill was initially offered HMS 1&2 (80:20) at $310 per tonne cfr Bangladesh and though they tried to push prices down further, their pressing need for a prompt shipment meant they were able to only shave off $2.50 per tonne from the price, one exporter source said.
The consumer required the material quickly due to their low stocks of material ahead of a push to boost output from...