Middle East

In Saudi Arabia, the recycled steel market remains firm on tight availability and steady mill demand. Regarding finished steel trends, rebar and long product prices in Saudi Arabia continue to be stable to soft under pressure from weak demand and high inventories ahead of October rollings. The country’s crude steel output exceeded 1 million tonnes in August and continues to grow.

In other developments, Fastmarkets has launched a domestic HMS index in Saudi Arabia aimed at enhancing transparency, price discovery and contract alignment. Meanwhile, Gulf DRI and HBI prices remain flat despite limited availability.

In the United Arab Emirates, the recycled steel export duty of 400 dirham per tonne remains in place, restricting exports and prioritising domestic sales.

Domestic recycled steel purchase prices in Turkey are largely unchanged, supported by strong demand. Mills have lifted domestic rebar offers to US$ 531-550 per tonne ex-works. The uptick in demand is viewed as temporary, with stockists cautious.

The acquisition of Oman’s idled Moon Iron & Steel Company (Misco) is nearing completion, with a formal announcement expected soon. Once finalised, the deal is set to boost Oman’s steel production capacity by nearly 1.5 million tonnes annually, reinforcing the country’s position in the regional steel market.