The reason for rising prices was the strong domestic demand in China
No deals were heard during the past week and steel demand was still soft after the Islamic holy month of Ramadan that ended last week.
Another factor affecting the market was that Saudi Arabia will increase its value-added tax
to 15% from the current 5% with effect from July 1, so buyers in the country have refrained from booking.
Offer prices for hot-rolled coil (HRC) from China were heard in the UAE at $420-425...