Saudi Arabia’s benchmark mill has extended the validity of scrap purchase orders until the end of December, dispelling rumors of declining scrap prices. Despite a slight downward trend in Saudi billet prices, attributed to these rumors, only a few scrap suppliers have reduced prices by SAR 20-25/tonne ($5-7), while most have maintained their rates. With new capacities coming online from Arkan Steel and other producers, scrap demand is expected to rise, making a price drop unlikely. Current delivered scrap prices range from SAR 1,450-1,550/t for HMS in various regions, while imported billet prices remain competitive.