GULF FLAT STEEL IMPORTS: Prices down, demand low as market awaits new direction

Some flat steel import prices in the United Arab Emirates and Saudi Arabia decreased this week on lower offers and bids, but demand was weak because buyers wanted to see which direction the market would take after the Chinese new year holiday, sources told Fastmarkets on Tuesday January 28.

The lunar new year break started on January 25, and was expected to end on January 30. But the outbreak of a coronavirus infection in the East Asian country has seen it extend the official holiday to February 2.
No new flat steel import bookings were heard this week in the Middle Eastern territories.

Offer prices for hot-rolled coil (HRC) from China were heard in the UAE at $530-540 per tonne...


Serife Durmus

January 28, 2020

15:30 GMT