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If the Strait of Hormuz reopens, Saudi scrap steel prices are expected to fall.

18

26-06

// Blog

If the Strait of Hormuz reopens, Saudi scrap steel prices are expected to fall.

If the Strait of Hormuz reopens, Saudi scrap steel prices are expected to decline. As of the week ending June 16, domestic scrap steel prices in Saudi Arabia were projected to fall following the agreement on a framework for reopening the Strait of Hormuz. The deal between the U.S. and Iran is anticipated to result in the full, toll‑free reopening of the strait. Although vessels have not yet passed through the strait, oil prices have dropped sharply this week. Since the outbreak of the conflict, Saudi rebar prices have risen significantly due to higher transportation and energy costs; while scrap steel prices have also increased, they have lagged behind rebar, thereby widening steelmakers’ profit margins. This week, rebar prices fell on a week‑over‑week basis, as weaker demand—driven by lower purchasing volumes and rising distributor inventories—weighed on the market. Market expectations point to further declines in rebar prices once the strait reopens.

Supported by regional demand, scrap steel prices in the United Arab Emirates rose week-on-week.

15

26-06

// Blog

Supported by regional demand, scrap steel prices in the United Arab Emirates rose week-on-week.

Supported by regional demand, scrap steel prices in the United Arab Emirates rose week-on-week. As of the week ending June 12, the UAE black scrap market remained firm, buoyed by improving regional sentiment and ongoing supply-chain challenges, despite broadly stable domestic trading activity. HMS 80:20 processed scrap delivered ex‑Abu Dhabi stood at AED 1,027 per tonne ($280 per tonne), up AED 25 per tonne ($7 per tonne) from the previous week.

With domestic supply tight, why are South Korean steelmakers cutting back on scrap steel imports?

12

26-06

// Blog

With domestic supply tight, why are South Korean steelmakers cutting back on scrap steel imports?

With domestic supply tight, why are South Korean steelmakers cutting back on scrap imports? Despite ongoing domestic shortages, South Korea’s black scrap imports have declined: in May, imports totaled 60,214 tonnes, up 4.8% month-on-month but still down year-on-year. Steel mill purchasing managers increasingly believe that without boosting imports, it will be difficult to improve the supply‑demand balance. However, weak profitability continues to curb purchases of relatively expensive imported scrap. According to a steelmaker official quoted in the article, import scrap prices would need to fall sharply before companies could seriously consider ramping up procurement.

The global billet market is sluggish.

08

26-06

// Blog

The global billet market is sluggish.

The global billet market remains sluggish, with prices continuing to face downward pressure in Week 23. Weak steel demand, cautious purchasing by buyers, and seasonal factors are weighing on trading activity across major regions. Market participants expect trading volumes to gradually pick up as buyers return to the market. Turkish demand and the trajectory of the Russian ruble will continue to be key determinants of billet trade.

Bureau of International Recycling (BIR): Recycled steel will become the strategic cornerstone of the future steel industry.

05

26-06

// Blog

Bureau of International Recycling (BIR): Recycled steel will become the strategic cornerstone of the future steel industry.

International Recycling Bureau (BIR): Recycled Steel Will Become the Strategic Foundation of the Future Steel Industry Shane Mellor, Chair of the Iron and Steel Division at the International Recycling Bureau (BIR), stated that recycled steel is increasingly viewed as a strategic resource, rather than merely a secondary raw material. Speaking at the division’s latest meeting in Gothenburg, Sweden, Mellor noted that the global steel industry is entering a phase in which recycled steel will play a pivotal role in decarbonization and long-term competitiveness. According to Mellor, the first half of 2026 has underscored the vulnerability of the global ferrous metals market to geopolitical instability, disruptions in energy supplies, volatile freight rates, protectionist policies, and shifting trade flows. These factors have significantly impacted the global steel trade landscape and market sentiment.

Pakistan: Demand recovery remains sluggish following Eid al-Fitr, with scrap trading under continued pressure.

04

26-06

// Blog

Pakistan: Demand recovery remains sluggish following Eid al-Fitr, with scrap trading under continued pressure.

Pakistan: Demand Recovery Slow After Eid al-Fitr, Scrap Trading Remains Under Pressure The Pakistani imported ferrous scrap market remained largely subdued this week, with trading activity failing to gain momentum following the Eid al-Fitr holiday. Amid weak demand for finished steel products, low mill utilization rates, and ample inventory levels, buyers continue to adopt a cautious stance. The CFR Karachi price for European crushed scrap stood at around USD 420 per ton, up slightly by approximately USD 1 per ton week-on-week.

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