Ferrous scrap Imports had increased in Bangladesh by 54% in a month, from 174,863 tons in March 2023 to 269,196 tons in April 2023. The increase was in bulk imports, while the total imports were recorded at 0.35 million tons in April 2023. A fall in price trends had observed in April against March 2023. The price of USA-based HMS (80:20) fell by 25 dollars per ton from $485.6/t CFR in March to $460.6/t CFR in April 2023. Japan-origin H2 scrap prices had declined by 22.8 dollars from $468.8/t CFR in March to $446/t CFR Chittagong in April 2023.
Reasons:
After a remarkable drop in imports by Bangladesh in February, imports increased in March and April due to the ease of opening the letter of credit. The shortage in inventories of the large steel mills and the lack of raw materials had raised the demand for scrap imports to resume production activities.
Country Wise Supply Shares:
The USA remained a major scrap supplier to Bangladesh with a share of 44%, whereas a rise of 21% was recorded month over month from 97,573 tons in March to 118,547 tons in April. The UK had a share of 15% and supplied 40,089 tons in April against the no shipment in March 2023.
Leave a Reply