Steel markets across the Middle East and surrounding regions showed a mixed but generally balanced trend this week. Aggressive pricing of Iranian-origin material continued to cap upward price movement, while markets in GCC countries remained relatively firm thanks to steady domestic demand and controlled supply.
In the raw materials segment, Iran maintained its position as the most competitive supplier. Sponge iron (DRI) was offered at around USD 230/ton FOB, while hot briquetted iron (HBI) was quoted at USD 237/ton FOB. The limited price spread between HBI and DRI for volumes destined for Oman, India, and Pakistan indicated weak global demand for higher-quality raw materials and cautious buying behavior, with buyers reluctant to build inventories.
The UAE scrap market showed a relatively firm trend, particularly for processed grades. Domestic HMS 80:20 prices were assessed at USD 291–297/ton, while processed HMS increased to USD 308–310/ton. Higher-grade materials such as PNS and shredded scrap reached USD 316–321/ton, supported by demand from EAF-based mills seeking higher yields. Import prices on a DAP basis remained above domestic levels due to logistics and handling costs; however, controlled overall scrap demand prevented any sharp price increases.
In the billet market, Iranian-origin material continued to set the lower price boundary. Iranian billet was offered at around USD 415/ton FOB, significantly below GCC and North African price levels. In the UAE, billet prices showed a clear divergence by origin; Iranian billet traded at USD 434–440/ton, while GCC-origin billet was assessed at USD 480–485/ton. This wide gap clearly highlighted the cost advantage of Iranian material despite buyer caution toward sanctioned origins.
Elsewhere, Saudi Arabian billet prices were reported at USD 480–483/ton ex-works, while import prices near USD 465/ton CFR pointed to competitive pressure from lower-priced regional supply. In Egypt, billet prices varied by origin, with China-origin cargoes assessed at USD 470–474/ton CFR, while Russian material was valued at USD 480–485/ton CFR due to perceived quality and delivery considerations. Tunisia and Oman remained at the upper end of the regional range at USD 470–489/ton CFR, supported by relatively stable demand.
The long products segment presented a more positive picture. In Oman, rebar prices were reported at USD 650–665/ton FOB, indicating acceptable margins for rolling mills and ongoing construction activity. In contrast, Syrian domestic rebar prices remained at USD 575–585/ton, reflecting weak purchasing power and an uneven recovery in regional demand.
Overall, market sentiment remained cautiously balanced. While Iranian exports continued to limit upward price movement in metallics and billets, GCC markets found support from steady demand and a preference for non-sanctioned origins. Market participants reported comfortable inventory levels and no urgent restocking needs, suggesting that prices are likely to remain range-bound in the short term, with any potential direction changes dependent on scrap costs or developments in regional construction demand.
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