Latest situation in Saudi Arabian scrap market

Market sources state that prices of HMS I/II 80:20 scrap in the Saudi Arabian market are at $266/mt delivered. It is reported that steel mills in Saudi Arabia are not running at full capacity due to slack finished steel demand in the domestic and export markets and, accordingly, their demand for scrap has weakened. Also, steel producers in the country prefer to make their scrap inquiries in their domestic market and no import deals have been concluded recently.