- UAE shredded offered at $390/t, bids at $380-382/t CFR Qasim
- Egypt imposes 16.2% safeguard duty on billet imports
Market sources indicate major Abu Dhabi-based mills are bidding for PNS at AED 1,220-1,230/t ($332-335/t) DAP, while others are at AED 1,240-1,250/t ($338-340/t) DAP.
On the selling side, HMS processed is offered at AED 1,200-1,210/t ($327-330/t), shredded and PNS at AED 1,260-1,290/t ($343-351/t), and LMS at AED 860-880/t ($234-239/t).
Offer levels (start of week)
- LMS: AED 950-1,050/t ($259-286/t)
- HMS 80:20: AED 1,150-1,180/t ($313-321/t)
- HMS processed/sheared: AED 1,210-1,220/t ($327-329/t)
- PNS: AED 1,220-1,230/t ($332-335/t)
- PNS processed: AED 1,240-1,250/t ($338-341/t)
- End-cut: AED 1,290-1,310/t ($351-357/t)
Towards weekend
- LMS: AED 900-1,000/t ($245-272/t)
- HMS 80:20: AED 1,140-1,150/t ($310-313/t)
- HMS processed/sheared: AED 1,200-1,205/t ($327-328/t)
- PNS: AED 1,210-1,220/t ($330-333/t)
- PNS processed: AED 1,230-1,240/t ($335-338/t)
- End-cut: AED 1,280-1,300/t ($349-354/t)
Middle East export market
Middle East scrap is holding firm at $388-390/t versus bids at $382-383/t CFR Qasim. From the UAE, shredded is offered at $390/t, with bids at $380-382/t. HMS-PNS mix at $372-375/t CFR, while UAE-origin HMS is at $365/t CFR Qasim.
Recent deals: 500 t Yemen HMS-LMS bundle mix at $330/t Mundra, 500 t Yemen bundles at $290/t Mundra. Kuwait HMS-1 offered at $350/t, buyer at $340/t. 1,000 t of UAE HMS-PNS mix sold at $355/t CFR Chattogram.
UAE steel industry calls for protection
At a recent industry conference, Al Ghurair Iron & Steel CEO Abu Bucker Husain urged protective measures for UAE steelmakers to ensure a level playing field and boost government revenue. With the US, Canada, and the EU tightening steel trade rules, global mills are diverting exports to GCC markets, leaving local producers exposed to rising import pressures.
Egypt has imposed a provisional safeguard duty of 16.2% ad valorem, or minimum EGP 4,613/t ($95.7/t), on billet imports, effective 14 September for 200 days.
The move, announced alongside flat steel measures, shocked the market as billet imports surged sharply over 1900% between 2021-2024, including over 220% y-o-y in 2024. While integrated mills back the duty to protect local producers, re-rollers fear major supply and cost challenges.
Outlook: UAE scrap prices are expected to remain under pressure as weak export demand continues to influence domestic offers. While Middle East export levels stay steady, regional measures like Egypt’s billet duty may offer limited relief, leaving UAE mills to navigate tight margins and cautious buying sentiment.
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