GULF FLAT STEEL IMPORTS: Buyers waiting for prices to fall further before placing orders

Demand for flat steel imports in the United Arab Emirates (UAE) and Saudi Arabia was still weak in the week to Tuesday February 2 because buyers expect prices to decrease more and are holding back on placing orders, sources said.

Most market participants said they believe prices will keep falling until after the Chinese New Year holiday (February 11-17), and prices from China after the break will determine global direction of steel prices.
Offer prices from China and India at the beginning this week were quite close to those made last week, but Chinese offers decreased later in the week.
"Demand is weak, especially due to the big increase in prices [earlier]. Everyone is waiting for the prices to fall further," one trader based in the UAE said.
"The current levels are scary," another trader said.

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