Buyers cautious in local UAE scrap market

According to market sources, scrap prices in the local UAE market have been at $270-275 ex-yard this week. Although transaction activity is at decent levels in the country's finished steel market, local steel producers prefer to adopt a cautious approach in concluding scrap deals and are waiting in order to gain a clearer picture of the outlook for the global scrap market. Meanwhile, ex-UAE containerized scrap offers to India, the leading scrap export market for the UAE, are currently at $275-285/mt CFR.