Buyers wait for further reductions in local Saudi Arabian scrap market

According to market sources, prices of HMS I/II 80:20 scrap in the Saudi Arabian domestic market are this week at SAR 806-825/mt ($215-220/mt) delivered. Market sources state that domestic scrap prices are likely to decrease as demand from local steel producers is limited. Accordingly, scrap prices in the local Saudi Arabian market is expected to decrease to levels of SAR 750/mt ($200/mt) and lower in the coming period. 
 
$1 = SAR 3.75