Buyers believed that offer prices were too high and asked for discounts, but sellers did not accept the lower bids. As a result, no deals were heard.
“Bookings are very slow in the UAE due to the heavy increase in prices,” one trader said. “Buyers are not accepting the high prices. Everyone is waiting.”
China offered hot-rolled coil to the region at $800-830 per tonne cfr UAE, with buyers bidding $770 per tonne cfr.
India-origin HRC was offered to the UAE at $850 per...