GULF FLAT STEEL IMPORTS: Prices move up on higher offers but buyers seek discounts

Flat steel import prices in the United Arab Emirates and Saudi Arabia increased this week on higher offers although there were no bookings because buyers sought discounts before placing new orders, sources told Fastmarkets on Tuesday December 24.

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...


Serife Durmus

December 24, 2019

14:57 GMT