GULF FLAT STEEL IMPORTS: Prices continue fall, demand weak

Flat steel import prices in the United Arab Emirates and Saudi Arabia decreased this week, with the market slow amid concerns around the global coronavirus (2019-nCoV) outbreak, sources told Fastmarkets on Tuesday March 24.

No new bookings were heard, with buyers saying that nobody wanted to place new orders because of the current global pandemic situation.
Offer prices for hot-rolled coil (HRC) from China were heard in the UAE at $410-430 per tonne cfr, down from $475-485 per tonne cfr last week.

The reason behind the sharp decrease in Chinese prices is because of China’s export rebate increase, which was raised to 13% from 10%...


Serife Durmus

March 24, 2020

16:20 GMT