Recession in the UAE and Saudi Arabia flat steel product markets + reasons EN

According to the latest issue of Metal Bulletin, the imported flat steel product market in the United Arab Emirates and Saudi Arabia has reported stagnation over the past week due to summer holiday closures.

In this regard, rising temperatures in these countries have led to a slowdown in construction projects.

United Arab Emirates

Meanwhile, China has offered hot-rolled coil at a price of 580to580 to 590 per ton CFR to this country, while previous price offers from this country were reported at 570to570 to 590.

Some market participants noted that if demand in end markets increases, a price of $570 per ton would be considered conventional.

Japan, South Korea, and Taiwan have offered hot-rolled coil at prices of 600to600 to 610 per ton CFR to the United Arab Emirates. However, no transactions were reported.

Fastmarkets’ weekly assessment indicates that the price of hot-rolled steel coil imports, CFR Jebel Ali, United Arab Emirates, remained steady in the range of €570 to €610 per ton.

Over the past week, no new price offers for galvanized hot-rolled sheets were reported for the United Arab Emirates, and the weekly price assessment for this product in the import market, under CFR Jebel Ali, United Arab Emirates, remained stable in the range of 760to760 to 820.

Additionally, the market for cold-rolled coil imports was also reported as stagnant, with no new price offers heard. As a result, Fastmarkets’ assessment shows that the price of this product in the import market, under CFR, United Arab Emirates, remained stable in the range of 660to660 to 710 per ton.

Saudi Arabia

Taiwan and China also offered hot-rolled coils with a thickness of 1.2 mm at prices of 650and650 and 635 per ton CFR, respectively, although buyers estimated that transactions were occurring at prices of 620−620-625 per ton CFR. However, no new transactions were heard.

According to Fastmarkets’ weekly assessment, the price of hot-rolled steel coils with a thickness of 1.2 mm, imported, CFR Saudi Arabia, was estimated in the range of 620to620 to 650 per ton, while this product was being traded at prices of 635to635 to 650 the previous week.