Bangladesh mills booked ferrous scrap for their bare minimum requirements. In the finished steel market, domestic billet and rebar prices dropped by BDT500-1500/mt, amid weak demand despite rise in production rates.
Japanese ferrous scrap prices increased this week following global cues. Despite the price rise, around five small bulk cargoes were booked by mills in the country. Of these, one cargo consisted of 10,000mt busheling at $300/mt cfr Chottagram.
The Davis Index for containerised shredded, Friday, settled at $300/mt cfr Chattogram, up by $3.12/mt from Thursday and by $5/mt from the prior week. Davis Index heard trades for containerised shredded from the UK at $300/mt cfr Chattogram early in the week. Offers subsequently moved up to $305/mt cfr Chattogram.
A few trades for Brazil and New Zealand- origin shredded scrap were at $290-295/mt cfr Chattogram.
Sponge iron trades were reported at $270-275/mt cfr Chattogram this week, up by $10/mt from the prior week.
The index for US-origin HMS 1&2 (80:20) settled at $288.13/mt 283/mt cfr Chattogram, up by $2.77/mt from Thursday and up $5.13/mt from a week prior. A few trades were reported at $285-290/mt cfr Chattogram.
The Davis Index for Latin American HMS 1&2 (80:20) settled at $279.64/mt cfr Chattogram, up by $2.14/mt from Thursday and by $4.79/mt from the prior Friday. Offers for #1 HMS from Brazil and Chile were at $280-290/mt cfr Chattogram with buyers’ expectations still around $275/mt cfr Chattogram.
The Davis Index for busheling settled at $315/mt cfr Chattogram, up by $7/mt from the prior week. P&S from South America and Australia was offered at $300-305/mt cfr Chattogram with the weekly index settling at $300/mt cfr, up by $5/mt.
The Davis Index for Australian HMS 1&2 (80:20) settled at $280/mt cfr Chattogram, up by $2/mt from the prior week. Trades for #1 HMS from Australia and Brazil were at $280-285/mt cfr Chattogram.
Finished and semi-finished steel
The weekly index for domestic billet settled at BDT38,500/mt ($454/mt) ex-works Chattogram, down by BDT750/mt from the prior week. Weak end-user demand amid monsoon has hit trades.
The weekly Davis Index for rebar from medium steelmakers settled at BDT52,500/mt ex-works, down by BDT1000/mt. Dhaka-based small-scale long steel producers offered discount to liquidate their inventories. Rebar was offered at BDT48,500-49,000/mt ex-works, down by BDT500/mt from the prior week.
Domestic and shipbreaking scrap
Domestic ferrous scrap prices dropped by BDT1,500-2,000/mt this week due to oversupply. The Davis Index for HMS 1&2 (80:20) settled at BDT24,000/mt ex-yard Chattogram, inclusive of local taxes, down by BDT1,500/mt from the prior week. The Davis Index for shipbreaking scrap equivalent to P&S settled at BDT25000/mt ex-yard, down by BDT1,500/mt from the prior week.