Imported ferrous scrap prices in Bangladesh declined amid weak domestic fundamentals. A national lockdown to check the spread of the COVID-19 pandemic followed by monsoon showers could keep steel prices under pressure. Small- and medium-scale steelmakers continued to struggle with liquidity crisis.
The Davis Index for containerized shredded fell by $3.25/mt from Friday to settle at $530/mt cfr Chattogram despite firm offers. Bids, however, declined dragging the index down.
In Turkey, prices for US-origin HMS 1&2 (80:20) have come under pressure with the index for the grade on Friday settling at $502.31/mt cfr, down by $4.36/mt from the day prior after new deals reported at lower prices.
Yards are interested in catering to bulk inquiries due to a shortage of empty containers. But mills avoided bulk bookings amid sluggish domestic steel demand.
The index for US-origin containerized HMS 1&2 (80:20) fell by $2.5/mt to $507.50/mt cfr. Last week, many deals for HMS 1&2 (80:20) were heard in the range of $490-510/mt cfr Chattogram depending on the origin.
Rebar sales continued to disappoint large steelmakers who had to hike prices due to high input costs. After returning from Eid holidays, large-scale steelmakers have hiked rebar prices by BDT250-1,000/mt ($2.95-11.80/mt) to BDT63,000-73,500/mt ex-works.