- Mills may limit purchases, slowing market momentum
- Chinese billet heard sold at $465/t CFR UAE
BigMint’s UAE domestic processed HMS index edged up AED 1/t ($0.3/t) w-o-w to AED 1,186/t ($323/t). Domestic scrap prices remained largely stable, trading within AED 1,185-1,195/t ($323-325/t) amid weak export demand and a slowdown in domestic buying.
Market comments
An Abu Dhabi-based mill source said, “Processed HMS is at AED 1,180/t ($321/t), shredded at AED 1,240/t ($338/t), and PNS at AED 1,200-1210/t ($327-329/t).”
A major trading house remarked, “Export activity remains very dull, putting downward pressure on prices.” Shredded scrap export offers from the Middle East to Port Qasim were reported at around $380/t CFR.”
Domestic prices heard in the week are as follows.
- HMS (Processed): AED 1,180-1,190/t ($321-324/t)
- Shredded: AED 1,230-1,240/t ($335-338/t)
- PNS: AED 1,200-1,210/t ($327-330/t)
- LMS: AED 920-950/t ($250-259/t)
Billet market update
A UAE-based trader commented, “This week, Chinese 3SP billet (50,000 t) was heard sold at $465/t CFR UAE for December shipment. Base-grade offers were around $465/t CFR. In Saudi Arabia, buyers targeted $450-455/t CFR, and market sources reported a rumoured deal at $455-457/t CFR concluded just before the holidays.”
Short-term outlook
With the market slowdown during Diwali this week and for the majority of next week, the UAE’s scrap activity is expected to remain subdued. Domestic buying will likely stay limited, and export inquiries may remain muted as mills and traders reduce operations. Prices are expected to hold within current ranges, with notable movement expected only after the holiday period.
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