GULF FLAT STEEL IMPORTS: Demand remains weak, prices mostly stable

Demand for flat steel imports into the United Arab Emirates and Saudi Arabia was subdued this week, with prices mostly unchanged.

The two countries will impose value-added tax (VAT) at a rate of 5% by January 1, 2018. But market participants believe that an additional tax such as this will slow the steel market further, with end-user demand already weak in both countries. UAE China offered hot-rolled coil (HRC) to the UAE at $575-590 per tonne cfr, and a deal for 2,000 tonnes was heard at $575 per tonne cfr. India offered the product at $575-580 per tonne...

Published

Serife Durmus

November 14, 2017

14:24 GMT

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