GULF FLAT STEEL IMPORTS: Buyers confused on price direction

Flat steel import prices in the United Arab Emirates (UAE) and Saudi Arabia were stable over the past week because of the Christmas and New Year holidays in most of the world, while buyers were confused about the direction of prices after sharp decreases in China, sources said on December 29.

China's hot-rolled coil (HRC) prices continued to fall over the week to December 29 because of low trading, market sources said.
Fastmarkets' steel HRC index export, fob main port China was $653.75 per tonne on December 29, falling from $702.96 per tonne on December 22.
China is one of the biggest exporters of flat steel to the UAE and Saudi Arabia and the recent price falls made buyers unsure of the future of prices. This compounds already weak demand in the UAE and Saudi Arabia because of sufficient stock levels.

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