Demand in the local United Arab Emirates (UAE) market is still at medium levels, while domestic scrap prices have moved up during the past week amid the rises seen in global scrap quotations.
According to market sources, domestic HMS I scrap quotations in the United Arab Emirates (UAE) have increased by AED 30/mt ($8/mt) week on week to AED 850/mt ($232/mt) ex-yard.
Additionally, early in the current week UAE-based steel producer Emirates Steel Industries (ESI) raised its domestic scrap purchase prices by an average of AED 25/mt ($7/mt) compared to price levels announced at the beginning of October to AED 600/mt ($163/mt) CPT.
$1 = AED 3.67