Flat steel import market slow in Gulf countries; uncertainty on prices continues

Flat steel import markets in the United Arab Emirates and Saudi Arabia were slow during the week ended Tuesday November 2 because of uncertainty over the price direction, sources told Fastmarkets.

The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.
On the other hand, strong local demand in the Indian market prompted buyers to expect price increases.
Buyers in the UAE and Saudi Arabia therefore preferred to wait for a clearer price direction before placing major new orders.
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