Bangladeshi steelmakers avoided steel scrap imports over the past week and instead focused on procuring material from the domestic market, sources told Fastmarkets on Thursday January 28.
Bangladeshi mills are concerned the market will keep going down and are, therefore, reluctant to complete import deals in the current market climate, a Bangladeshi steelmaker source said.Domestic scrap prices in Bangladesh have fallen by about $80-90 per tonne over the past two weeks and "buyers will book as much of this material as they need," he added.The shipbreaking equivalent to plate & structural (P&S) scrap can now be bought for $400 per tonne ex-yard in Bangladesh, according to a South Asian trader. The price has fallen since the rise in ship scrappage volumes in December.That compares with offers of $415-420 per tonne cfr for the inferior-quality HMS 1&2 (80:20) in the containerized import market, while offers for shredded...