BigMint’s UAE scrap index inches up by $1/t w-o-w

• Mills remain cautious about premium-grade purchases
• Market outlook stable; prices expected to stay in narrow range

Scrap prices in the UAE continued to rebound, with expectations of modest improvement in the export market. BigMint’s UAE domestic processed HMS index inched up by AED 5/t ($1/t) w-o-w to AED 1,208/t ($329/t).

Market sources indicate that major Abu Dhabi-based mills are seeing limited activity in shredded scrap, with indicative levels for shredded at AED 1,275-1,285/t ($347-350/t) and HMS processed at AED 1,210-1,220/t ($329-332/t).

On the seller side, HMS processed is offered at AED 1,220-1,230/t ($332-335/t), shredded and PNS at AED 1,260-1,290/t ($343-351/t), and LMS at AED 860-880/t ($234-239/t).

Start of week

• LMS: AED 900-1,000/t (USD 245-272/t)
• HMS 80:20: AED 1,150-1,170/t (USD 313-318/t)
• HMS processed/sheared: AED 1,200-1,210/t (USD 327-329/t)
• PNS: AED 1,230-1,240/t (USD 335-337/t)
• PNS processed: AED 1,240-1,250/t (USD 337-340/t)
• End-cut: AED 1,280-1,300/t (USD 348-354/t)

Towards weekend

• LMS: AED 950-1,050/t (USD 259-286/t)
• HMS 80:20: AED 1,160-1,180/t (USD 316-321/t)
• HMS processed/sheared: AED 1,210-1,220/t (USD 329-332/t)
• PNS: AED 1,230-1,240/t (USD 335-337/t)
• PNS processed: AED 1,240-1,250/t (USD 337-340/t)
• End-cut: AED 1,290-1,300/t (USD 351-354/t)

Export offer levels have eased for India. HMS for Yemen is currently offered at $330/t CFR, while LMS ranges around $300-303/t CFR, including a fresh offer for Nhava Sheva. The market remains cautious, with buyers hesitant amid softening demand and sellers adjusting to stay competitive.

HMS (80:20) spread

The average spread between HMS 80:20 from Europe (CFR Nhava Sheva) and the UAE’s processed HMS 80:20 (DAP Abu Dhabi) remained steady at $1-2/t. Imported HMS 80:20 CFR Nhava Sheva was assessed at $330-332/t, while UAE processed HMS 80:20 traded at $328-329/t DAP Abu Dhabi.

Outlook

The UAE scrap market is likely to stay under mild pressure, with prices hovering in a narrow range due to selective mill buying and cautious trader sentiment.