GULF FLAT STEEL IMPORTS: Offer prices down after China futures crash

Flat steel import prices into the United Arab Emirates and Saudi Arabia decreased or were unchanged during the week ended Tuesday October 26, with only one deal heard, sources told Fastmarkets.

Offer prices decreased from India during the week, and Saudi Arabia also offered hot-rolled coil at reduced prices to the UAE.
“Everyone is in wait-and-see mode,” one trader said. “With the Chinese futures market having dropped last week, people will not bid until after the first week of November, unless they have zero stock and need material desperately.”
Chinese export prices for hot-rolled coil, and for cold-rolled coil and hot-dipped galvanized coil, have all gone down recently.
Saudi Arabia

India has...

Published

Serife Durmus

October 26, 2021

16:50 GMT

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