- Eid holidays may curb scrap demand next week
- Rebar tags firm in UAE, Saudi for Apr deliveries
The UAE’s domestic scrap market saw mixed trends with slight price fluctuations, with some grades seeing marginal increases while others remained stable or softened.
BigMint‘s domestic HMS processed scrap index inched down by AED 3/t ($1/t) w-o-w to AED 1,193/t ($325/t).
As per market insiders, HMS 90:10 (HMS Super) increased by AED 10-20/t to AED 1,170-1,180/t ($319-322/t). HMS 80:20 processed stood at AED 1,190-1,200/t ($324-327/t).
Meanwhile, PNS (sheared) offers stood at AED 1,240-1,250/t ($337-340/t). Fabrication scrap is quoted at AED 1,230-1,280/t ($334-348/t), while end-cut scrap remains steady at AED 1,310-1,320/t ($356-359/t), indicating stable but selective price movements.
Sources informed that around 6,000-7,000 t of processed HMS and shredded scrap were booked at AED 1,190-1,200/t ($324-327/t) and AED 1,250-1,260/t ($340-343/t) DAP levels.
HMS (80:20) spread
The average spread between HMS 80:20 from Europe and the UAE’s processed HMS 80:20 inched up w-o-w to approximately $35-40/t CFR Nhava Sheva. Imported HMS prices for the west coast of India stood at $365/t CFR, while the UAE’s processed HMS prices were at $325/t DAP Abu Dhabi.
UAE rebar market updates
EMSTEEL has rolled over rebar prices for April 2025 deliveries at AED 2,652/t ($722/t) exw-Abu Dhabi for the third consecutive month, citing weak demand during Ramadan, sources told BigMint.
UAE buyers cautious ahead of Ramadan slowdown
UAE buyers are cautiously evaluating procurement strategies ahead of the Ramadan holiday slowdown, though some remain active. Chinese HRC is the most competitive at $510-515/t CFR Jebel Ali, while Taiwanese and Japanese coils are offered at $525-535/t CFR for May shipment, up $5-15/t from mid-March.
Meanwhile, Indian mills are prioritising their domestic market due to rising local prices. An Indian mill source noted, “We are not offering as domestic HRC is at around INR 51,000/t (~$595/t) ex-warehouse Mumbai.”
Saudi rebar market updates
Hadeed, Saudi Arabia’s benchmark mill, has kept longs prices unchanged for April deliveries at SAR 2,350/t ($626/t) delivered.
Jindal Shadeed to upgrade casting operations, expand product range
Oman’s Jindal Shadeed plans to modernise its Sohar casting facility with Danieli equipment, enabling production of round semis (380-450 mm) and rail products (250×350 mm) by March 2026. The upgrade will introduce new special steel grades, enhancing the company’s reach into construction, oil & gas, and infrastructure sectors. Jindal Shadeed operates a 2.4 mnt steel plant, 1.8 mnt HBI unit, and 1.4 mnt rebar mill, with plans to enter the flat steel market.
Outlook: Market participants expect scrap purchasing to slow next week due to Eid holidays. With stable rebar prices from major mills, their raw material procurement is likely to remain range-bound in the near term.
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