Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
We learned that the price of scrap steel in the United Arab Emirates increased in shock last week, but recently due to the weak interest in scrap steel purchase in the Indian and Türkiye markets, the UAE steel mills were blocked from raising the price of secondary materials JAC270F steel.
Last week, the domestic quotation for HMS12 (80:10) scrap steel was 365-375 US dollars per ton of CFR, but local steel mills were unwilling to pay a higher price in a sideways market situation. At the beginning of this week, the tradable price of HMS12 (80:10) scrap steel in the UAE was $360/ton CFR, slightly lower than last week. As of the time of publication, only one order of approximately 2000-3000 tons was heard to be delivered at a price of $360 per ton of CFR JAC270F steel.
It is reported that another major issue facing steel prices in the UAE is low price competition from other Middle Eastern countries, such as steel from Oman or Iran. But with the increase in quotes for Russian produced materials, the price of Iranian steel billets has recently slightly rebounded to around $470 per ton FOB JAC270F steel.
