Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have remained stable over the past week due to limited demand amid the observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 28.
The observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. Ramadan began earlier this year in May and is estimated to end around June 4.End-user demand for flat steel has been poor in the Middle East region recently, with buyers unwilling to book material because the market is not expected to improve any time soon.The last 10 days of Ramadan are the holiest days of the holy month for Muslims, so many Muslims have not been working since...