- Import demand from Pakistan, Turkiye supports prices
- Market to remain muted amid cautious mill sentiment
UAE’s scrap prices increased marginally during the last week of December despite muted trade during the year-end. The index rose AED 20/t ($5/t) w-o-w on 31 December, with processed heavy melting scrap (HMS) at AED 1,150/t ($313/t). Demand from Pakistan and Turkiye provided limited support to prices, helping sellers maintain firm offers.
Recent deals
- 2,000 t of processed HMS were sold at AED 1,150/t ($313/t) DAP Abu Dhabi.
Market updates
Domestic trading remained thin, with most prices reflecting indicative offers rather than executable trades. Processed HMS was heard at AED 1,100-1,120/t ($300-305/t), while HMS 80:20 stood near AED 1,050/t ($286/t). Shredded was indicated around AED 1,150/t, ($313/t) with processed PNS at AED 1,100-1,120/t ($300-305/t). LMS 50:50 was assessed at AED 930/t ($253/t). End-cut scrap, mainly rebar, was heard near AED 1,175/t ($320/t), while unpressed rebar scrap from demolished buildings stood at around AED 1,120/t ($305/t) DAP Abu Dhabi. Latest market chatter placed processed HMS broadly in the AED 1,140-1,150/t ($310-313/t) range.
Export market updates
Recent deals from the UAE to Pakistan included around 2,500 t of shredded scrap at about $370/t CFR Qasim and 2,500 t of sheared HMS at nearly $345/t CFR Qasim.
Outlook
The UAE’s scrap and steel markets are expected to remain muted in the near term, with mills adopting a wait-and-watch approach. There is limited potential for a pricing upside following the roll-over of January rebar prices by Emirates Steel Arkan (ESA) earlier this month.
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