Suppliers raised their offers in response to increasing raw material costs. But buyers resisted the higher offers, saying the recent price rises have been too steep. Flat steel import prices in the region have been on a general uptrend since early November.
Buyers intend to postpone bookings to early 2020, market participants told Fastmarkets.
Offer prices for hot-rolled coil from China were heard in the UAE at $500 per tonne cfr this week, and Indian HRC was offered at $510-515...