April 25, 2025 – MENA Region
While scrap prices in the United Arab Emirates (UAE) saw significant declines this week, signals of balance achieved through imports in the steel product market have drawn attention. In Saudi Arabia, however, rebar prices have maintained their stability.
Sharp Decline in UAE Scrap Prices
Due to weak local demand and limited purchasing interest, prices for some scrap types in the UAE have decreased by AED 20 to 50 (approximately USD 5.40 to USD 13.50) on a weekly basis. The most notable price changes were as follows:
- Clean LMS: AED 1,100/ton (USD 300)
- Mixed LMS: AED 900/ton (weekly -AED 50) (USD 245)
- HMS 80:20: AED 1,150/ton (weekly -AED 20-30) (USD 312)
- Processed HMS: AED 1,200/ton (weekly -AED 20) (USD 327)
- Manufacturing scrap (2x2 feet): AED 1,215–1,240/ton (weekly -AED 30-40) (USD 331–338)
This price drop is said to be directly related to the weakening purchasing appetite of local steel producers.
Import Balance in UAE Steel Product Market
In the UAE steel product market, the situation has become more balanced with the delivery of approximately 100,000 tons of cargo reserved in February. New import agreements are continuing in the same manner. Currently, imported steel product prices remain stable at USD 470–475/t CFR, while Indonesia-based Dexin Steel has sold at least 30,000 tons of steel products for June shipments at USD 426/t FOB.
However, the situation is more complex for local producers. Producers believe that to remain competitive in light of the current rebar prices, steel product prices should be in the USD 485–490/t range.
Rebar Prices in Saudi Arabia Remain Stable
In Saudi Arabia, a more stable market scenario is observed, with rebar prices holding steady at SAR 2,350 (approximately USD 626). Major producers such as Rajhi Steel, Al Yamamah, and Wataniyah Steel continue to offer prices in the range of SAR 2,250–2,280 per ton (approximately USD 600–608). Meanwhile, smaller companies are trading at SAR 2,120–2,150 per ton (USD 565–573). No changes have been observed in rebar prices this week.
Saudi Rebar Prices
- Hadeed: SAR 2,350 (USD 626)
- Rajhi Steel: SAR 2,280 (USD 608)
- Al lttefaq Steel: SAR 2,250-2,280 (USD 600-608)
- Al Yamamah Steel: SAR 2,250 (USD 600)
- Watania Steel: SAR 2,250 (USD 600)
- Tier 2 mills: SAR 2,250 (USD 600)
- Tier 3 mills: SAR 2,150–2,200 (USD 573–586)
Saudi Wire Rod Prices:
- Hadeed: SAR 2,320 ( USD 618)
- Solbe Steel: SAR 2,280 (USD 608)
- Tier 3 mills: SAR 2,150–2,200 (USD 573–586)
Assessment
Overall, the steel market in the MENA region is seeking a new position between import balance and price competition. While scrap prices are falling in the UAE, steel product imports are revitalizing the market. Saudi Arabia, on the other hand, stands out with its stable price policy.
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