Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The United Arab Emirates announced a two-week lockdown on Saturday imposing restrictions on transportation and travel as per the local media. The lockdown is likely to be extended if the cases of COVID-19 do not come under control. 

 

These restrictions imposed by the government has spelt challenges for ferrous scrap exports, especially from Dubai. Trades with Pakistan and India, Dubai’s two major export markets remain hampered. There are no new offers from Dubai for buyers in India and Pakistan. Fresh offers would make it to the markets only after two weeks, say Davis Index sources. They further added that collection by yards has also taken a hit. 

 

Ports in Dubai continue to operate. Loaded cargoes are expected to set sail as scheduled. Inventory at destination ports, however, remains piled up with inland transportation impacted. The situation in other countries in UAE is no different. 

 

Mills in UAE have decided to either suspend operations or scaled down production till the restriction are lifted. Top steel producers in the country are Conares, Union Iron and Steel, Hamriyah steel, United Steel Industries, Qatar steel, Emirates Steel etc.

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