According to market sources, domestic HMS I
scrap quotations in the United Arab Emirates (
UAE) are currently at AED 730/mt ($199/mt) ex-yard. Meanwhile, it is observed that demand in the
UAE scrap market has remained at low levels since July 20. On the other hand, declines seen in import
scrap offers both from India and Pakistan to the
UAE are exerting downward pressure on domestic
scrap quotations in the
UAE.
Additionally,
UAE-based steel producer Emirates Steel Industries (ESI) announced it new domestic
scrap purchase prices in the middle of last week at AED 570/mt ($155/mt) CPT, reducing them by AED 80/mt ($22/mt) compared to price levels on July 20.
$1 = AED 3.67