On December 14, SteelOrbis reported ex-UK containerized scrap offers were at $365/mt CFR Chittagong port in Bangladesh. Sources inform SteelOrbis that ex-UK containerized scrap offers have now increased to $370-375/mt CFR Chittagong. The $5-10/mt increase over the past week is attributed to tight global scrap supply, positive expectations for first quarter 2018, and expectations for additional scrap buying needs by Bangladesh mills. Buyers are reportedly on the sidelines due to the high prices and year-end budget concerns.
A source added that shredded containerized scrap offers from other regions are heard in the market at $365/mt CFR Bangladesh.