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