This week, local scrap prices in the UAE fell by almost AED 50/tonne ($13.6) on-week, driven by new lower purchase prices from major scrap consumers amid subdued scrap exports to India and Pakistan.
New scrap deal negotiations are discussed between buyers and dealers at AED 1,275-1,285/t for PNS, down from AED 1,350/t. Fabrication is at AED 1,260-1,280/t, down from AED 1,320-1,350/t last week. HMS 1 90:10 - so called Super - is at AED 1,230-1,240/t, down from AED 1,275/t last week. Sheared prices are expected to fall to AED 1,275/t from last week's AED 1,325/t and HMS 80:20 to AED 1,220/t.
In the semis segment, after Omani suppliers cut their prices to $505-510/t ex-works in July-end from early July's $515-520/t ex-works, the rebar re-rollers shifted their supply to Oman. A 5,000t parcel was booked by a buyer at $520/t ddp to the buyer's plant in the UAE.
Local (UAE) induction furnace route suppliers still target $525-530/t delivered within the country subject to distance. There are many billet offers from the Far East at $480-490/t cfr Jebel Ali/Abu Dhabi (liner out) for load readiness in late September and early October.
