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The new prices include two for containerized scrap and one for deep-sea bulk cargoes, all on a cfr Bangladesh basis.
Fastmarkets’ assessment price for steel scrap heavy melting scrap 1&2 (80:20) deep-sea origin import, cfr Bangladesh was proposed in February and has been published since March 2020, attracting growing interest from participants across the scrap markets.
Fastmarkets already collects many cfr Bangladesh prices for containerized cargoes during each weekly pricing session. We propose to formalize these by publishing weekly prices for containerized shredded scrap and HMS 1&2 (80:20).
Bangladesh is a regular buyer of scrap – both in bulk and in containers – with smaller lot sizes involved in the container trade appealing to many of the country’s smaller induction furnace steel mills.
The new prices will deliver more choices to subscribers, and increase the transparency and clarity of our Asian scrap coverage.
The addition of the prices, which will be published in line with International Organization of Securities Commissions (Iosco) standards and benchmark regulations, will reinforce Fastmarkets’ position as the leading global price reporting agency for Asia’s ferrous scrap markets.
The proposed price specifications are as follows: Assessment: Steel scrap shredded deep-sea origin import, cfr Bangladesh Quality: Shredded scrap compliant to ISRI specifications 210-212 Quantity: Minimum 3,000 tonnes (bulk) Location: cfr Chattogram Timing: 3-6 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Every Thursday, 5-6pm Singapore time
Assessment: Steel scrap shredded containerized import, cfr Bangladesh Quality: Shredded scrap compliant to ISRI specifications 210-212 Quantity: Minimum 100 tonnes (in containers) Location: cfr Chattogram Timing: 3-6 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Every Thursday, 5-6pm Singapore time Assessment: Steel scrap HMS 1&2 (80:20) containerized import, cfr Bangladesh Quality: HMS 1&2 (80:20 mix) compliant to ISRI specifications 200-206 Quantity: Minimum 100 tonnes (in containers) Location: cfr Chattogram Timing: 3-6 weeks Unit: $/tonne Payment terms: Letter of credit on sight Publication: Every Thursday, 5-6pm Singapore time
The consultation period for this proposed launch will end one month from the date of this pricing notice, on Monday September 21. The launch will take place, subject to market feedback, on Thursday September 24. To provide feedback on this price or if you would like to provide price information by becoming a data submitter to any of these prices, please contact Lee Allen by email at: pricing@fastmarkets.com. Please add the subject heading ‘FAO: Lee Allen, re: Bangladesh scrap prices.’
To see all of Fastmarkets’ pricing methodology and specification documents, please go to www.metalbulletin.com/prices/pricing-methodology.html.