Following a trend reversal in the global scrap market, confirmed by deals to Turkey in particular, scrap exporters have started voicing higher prices to Bangladesh with greater determination.
Accordingly, this week containerized HMS I/II 80:20 scrap offers have risen by $20/mt over the past week to at least $515/mt CFR, with one booking for a small lot of 1,000 mt having been reported at even $520/mt CFR Chittagong. “Prices are being updated every day. Once you get a confirmation from the buyer, new levels are voiced,” commented a trader with regard to the current market developments. Meanwhile, prices for bonus and shredded scrap have increased to $550-560/mt CFR, up $15-20/mt compared to offers a week ago. “That huge jump in prices has made customers confused as regards bookings,” another trader commented.
In the meantime, bulk HMS I/II 80:20 scrap is said to be hardly available at lower than $535/mt CFR, up around $15/mt over the past week. However, according to sources, it is quite difficult to get any firm offer amid the recovery in demand from customers in other countries.