Domestic HMS I/II 80:20 scrap prices in the western regions of Saudi Arabia have decreased by SAR 150/mt ($40/mt) compared to the price levels recorded on May 20 to SAR 700/mt ($187/mt) ex-yard, while prices for the same material in eastern Saudi Arabia have declined by SAR 100/mt ($27/mt) during the given period to SAR 900/mt ($240/mt) ex-yard.
While transaction activities in the steel markets are characterized by sluggishness due to the approach of Ramadan which will begin next week, the declines seen in global billet quotations have also contributed to the downward movement recorded in the local Saudi Arabian scrap market. In the coming period, since demand is expected to remain slack due to Ramadan, scrap prices in the local Saudi Arabian market are expected to fall further.
$1 = SAR 3.75