GULF FLAT STEEL IMPORTS: Offers limited, buyers prefer to wait

Flat steel import offers to the United Arab Emirates and Saudi Arabia were limited over the week to Tuesday, April 20, with buyers wanting to wait before placing orders because of very high prices, sources told Fastmarkets.

Buyers preferred to wait because the Islamic holy month of Ramadan, when working hours are reduced in both countries, began in the evening of April 12, sources told Fastmarkets.

There were few offers reported because global demand for flat steel from China and India, the two main exporters to the Middle East, is strong, market participants said.

The uncertainty on China’s steel export rebate cut also resulted in fewer offers from China, Fastmarkets heard.

Saudi Arabia
Market participants in India offered hot-rolled coil (HRC)...


Serife Durmus

April 20, 2021

15:50 GMT