During the past two weeks, domestic HMS I/II 80:20
scrap quotations in the United Arab Emirates (
UAE) have declined by $18.5/mt to $191-196/mt ex-yard, while demand in the local
UAE scrap market has remained at low levels due to Ramadan.
Transaction activity in the market is expected to remain weak until the end of Ramadan, with weak demand expected to continue to exert downward pressure on domestic
scrap prices.