During the past two weeks, domestic HMS I/II 80:20 scrap quotations in the United Arab Emirates (UAE) have declined by $8/mt to $212/mt ex-yard, while demand in the local UAE scrap market has remained at low levels.
Meanwhile, the declines seen in global steel prices have impacted the local UAE scrap market negatively and, with Ramadan starting on June 6, transaction activities in the market have slowed down. As a result, domestic scrap prices in the UAE market are expected to fall further in the coming days.