UAE-based steel producer Arabian Gulf Steel Industries (AGSI) has decided to expand its long-rolling production capacity to meet the increasing regional demand. This strategic move aims to boost AGSI’s production capabilities and strengthen its competitive position in the regional steel market.
Meanwhile, the UAE scrap market saw weak trading activity due to the Eid Al Etihad and National Day holidays. Processed HMS (80:20) scrap prices stood at AED 1,238-1,240/ton (USD 337-338/ton), while shredded scrap prices ranged from AED 1,270-1,280/ton (USD346-348/ton). While scrap trade remains sluggish, AGSI’s expansion in production capacity will play a significant role in meeting the rising regional demand.
Dana Steel, aiming for growth in the construction sector in Saudi Arabia, plans to establish a new facility by 2025. This facility will be used for producing roofing and sandwich panels and will contribute to Saudi Arabia's construction industry.
In the coming period, it is expected that steel mills and processors will become more active, leading to an increase in scrap demand. The rise in rebar prices is also expected to partially drive up scrap prices, potentially boosting the regional steel production and scrap market.
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