GULF FLAT STEEL IMPORTS: Lower offers from China make buyers refrain from booking

Lower offer prices for flat steel from China to the United Arab Emirates and Saudi Arabia made buyers postpone booking during the week to Tuesday May 25, sources told Fastmarkets.

Demand was expected to improve in the countries after the Islamic holy month of Ramadan, but buyers are opting to wait and see if price decreases will continue, Fastmarkets heard.
"We are planning to make some bookings next week, but if prices continue falling we can postpone that," one buyer in the UAE said.
Fastmarkets' steel hot-rolled coil index export, fob main port China was calculated at $892.94 per tonne on Tuesday, down by $82.32 per tonne week on week from $975.26 per tonne on May 18.

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