Middle East and East Africa steel markets displayed a mixed outlook last week, with scrap prices maintaining a firm trend in Saudi Arabia and the UAE. In contrast, weak demand and rising uncertainty in the long and semi-finished steel segments continued to exert pressure on prices.
In Saudi Arabia, Hadeed’s domestic scrap purchasing prices remained largely stable on a CPT basis. Local premium heavy melting scrap was assessed at USD 385/ton, local HMS at USD 367/ton, and shredded scrap at USD 384/ton. The narrow price gap between HMS and shredded scrap indicated balanced mill demand.
In Ethiopia, domestic billet prices were reported at USD 693/ton, supported by high production and logistics costs. However, rebar offers were heard at USD 650–660/ton FOT. Market sources noted that these offers were almost in line with FCA levels, reflecting traders’ willingness to reduce margins and adopt more aggressive pricing amid weak demand.
In the United Arab Emirates (UAE), the domestic scrap market remained firm. LMS 50:50 was traded at USD 253/ton, HMS 80:20 at USD 285/ton, shredded scrap at USD 316/ton, end-cut scrap at USD 322/ton, and fabrication scrap at USD 308/ton. On the finished steel side, **rebar prices were assessed at USD 660/ton EXW, while hot-rolled coil (HRC) prices stood at USD 500/ton CFR Weak construction demand and competitive import material continued to cap upside potential.
In Iran, market activity has largely come to a standstill. Although billet and slab prices were last heard at USD 415/ton FOB, and rebar at USD 390/ton EXW, market participants emphasized that these levels are neither current nor reliable. Domestic prices remain unclear, while uncertainty persists in Iran’s stock exchange and commodity markets. According to sources, the Iranian steel market has been effectively closed for weeks, with no fresh price discovery. As a result, exports have been temporarily halted.
Overall, regional steel markets remain cautious and range-bound. While scrap prices continue to provide cost-side support, weak demand for long products, market uncertainty in Iran, and global economic concerns are limiting upside potential in the short term. Market participants are awaiting clearer demand signals and price formation in the coming period.
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