Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. The month began this year earlier in May and will end around June 4.
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.
In addition, global prices were falling.
Fastmarkets’ daily index for Chinese exports of hot-rolled coil (HRC) was $513.75 per tonne fob...