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The billet market in United Arab Emirates and Oman is under pressure from increasing domestic scrap and imported direct reduced iron prices. Due to subdued demand in Europe and the Far East, and softening Iranian billet quotes, billet producers in the Gulf Cooperation Council have lowered their target sales prices to conclude deals, Kallanish notes. This week in UAE, HMS 80:20 grade scrap soared to AED 1,450/tonne ($395) from last week's AED 1,360/t ($370…
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