GULF FLAT STEEL IMPORTS: Most prices increase, demand still weak

Some of the flat steel import prices in the United Arab Emirates and Saudi Arabia increased this week, but the market is still very slowentering the last week of the Islamic holy month of Ramadan and amid concerns about Covid-19, sources told Fastmarkets on Tuesday May 19.

The reason behind the rising prices was strong domestic demand from China and India.
No deals were heard during the week and steel consumption was very slow because of Ramadan, when steel consumption traditionally falls because of shorter working hours, which started on April 23.
In addition, Saudi Arabia will increase value added tax to 15% from the current 5% in effect from July 1, therefore, buyers in the country have refrained from booking.

The UAE has not announced any tax changes, but domestic demand was weak also because of falling oil prices and weak consumption in...

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