GULF FLAT STEEL IMPORTS: Prices down on slow demand, Ramadan lull
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased over the past week due to demand being limited by observance of the Islamic holy month of Ramadan, which started last week, sources told Fastmarkets on Tuesday May 14.
Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials.
End-user demand for flat steel has been poor recently in the Gulf states, with buyers unwilling to book material because the market was not expected to improve any time soon.
And buyers expected prices to fall further, because of weak demand globally.