GULF FLAT STEEL IMPORTS: Falling prices keep demand subdued

Demand for flat steel imports in the United Arab Emirates (UAE) and Saudi Arabia was still weak, with prices contunuing to fall, sources said on Tuesday January 26.

Both countries showed soft demand because buyers did not want to make bookings with prices on their way down. Offer prices from China and India continued to fall this week, but buyers’ bids were even lower.
“Large-volume bookings are unlikely to be heard before prices hit bottom and start increasing again,” one trader based in the UAE said. “End-user consumption is already weak in the region, so buyers are in no hurry to buy.”
China offered hot-rolled coil at $760-770 per tonne cfr this week, falling from $790 per tonne cfr offered last week.

One buyer was bidding $750 per tonne...


Serife Durmus

January 26, 2021

17:07 GMT