GULF FLAT STEEL IMPORTS: All prices down on soft demand
Flat steel import prices in the United Arab Emirates and Saudi Arabia have fallen by around $10-20 per tonne over the past week, with the market very slow because of concerns about the spread of the Covid-19 pandemic, sources told Fastmarkets on Tuesday March 31.
Only one booking for hot-rolled coil was heard, with buyers saying that nobody wanted to place new orders because of the restrictive measures being taken in countries across the world and the sharply falling prices.
Offer prices for HRC from China were heard in the UAE at $410-430 per tonne cfr, but no deals were heard.
Japan offered HRC at $430-435 per tonne cfr UAE, while India sold about 5,000 tonnes of HRC to the Gulf state at $400 per tonne cfr.