In Bangladesh, apart from a couple of large-scale steelmakers, the rest of the market was completely silent for imported ferrous scrap bookings on Tuesday. Record high prices and weak finished steel sales hit buying sentiments in the containers market. Mills with depleting inventories booked bulk cargoes from the US west coast amid high containerised freight charges for Bangladesh.
In the domestic market, steel trades were halted as end consumers are expecting downward correction ahead for monsoon when construction activities get impacted even further.
The daily Davis Index for containerized shredded, Tuesday, inched down to $534.56/mt cfr Chattogram, by $0.44/mt. The disparity between offers and bids resulted in almost no major trades for shredded on Tuesday. Offers for containerized shredded from UK/EU-yards were firm at $535-545/mt cfr Chattogram with bids lagging around $525-530/mt cfr.
Mills successively refused to accept high offers for HMS and Shredded grades, however, for high grades like P&S and busheling importers are left with no option than to raise bids to secure material, believe sellers.
The daily Davis Index for HMS 1 &2 (80:20) from Latin America, Tuesday, scaled up by $2/mt to $499/mt cfr Chattogram. Couple of deals in containers for the grade reported at $498/mt and $500/mt cfr Chattogram.
Offers for HMS 1&2 (80:20) from the UK rose to $510-512/mt cfr Chattogram on Tuesday with no buyers at those levels. The index for US-origin containerized HMS 1&2 (80:20) rose $1.25/mt to $510/mt in absence of deals. While the indexes for UK-origin rose to $505/mt and that for Australia-origin to $510/mt cfr Chattogram, respectively, on Tuesday.
In the domestic market, ship scrap equivalent to P&S remained unchanged at BDT47,500-48,000/mt ex-yards. Buying interest for domestic HMS 1&2 (80:20) dipped in the range BDT45,000-45,500/mt ex-yards Chattogram, down BDT500/mt. Billet prices at BDT60,000-60,500/mt ex-works.