GULF FLAT STEEL IMPORTS: Buyers wait to see if price rises take hold

Flat steel import prices in the United Arab Emirates and Saudi Arabia increased this week, but buyers preferred to wait to see whether price increases would be permanent, sources told Fastmarkets on Tuesday June 2.

The reason for rising prices was the strong domestic demand in China.
No deals were heard during the past week and steel demand was still soft after the Islamic holy month of Ramadan that ended last week.
Another factor affecting the market was that Saudi Arabia will increase its value-added tax to 15% from the current 5% with effect from July 1, so buyers in the country have refrained from booking.
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