Flat steel buyers in the United Arab Emirates and Saudi Arabia preferred to delay their purchasing and see how the imposition of new 5% VAT regimes in both countries affects the market, sources told Metal Bulletin on Tuesday January 10.
The UAE and Saudi Arabia both imposed a 5% rate of VAT with effect from January 1, 2018.The resulting confusion in the markets has seen buyers refrain from buying not only in the steel sector but in all sectors.UAENo new price for hot-rolled coil (HRC) was heard in the UAE...