Prices for flat steel imports to the United Arab Emirates and Saudi Arabia continued to rise sharply, while purchasers were reluctant to make bookings because they were uncertain whether prices would remain high, sources told Fastmarkets on Tuesday, March 16.
Flat steel imports: Price increases – no other option but accept
“The market is not absorbing the price increases so far, but if the increases continue like this, there would be no other option but to accept,” one trader said.
Market uncertainty was driven by expectations of a cut in export rebates from China – one of the main exporters of flat rolled steel to both countries.
China cracks down on steel
China’s measures to reduce steel output, focus on greener steelmaking technologies and orders to shut down entire steel mills, in addition to a cut in export rebates, are likely to contribute to further price increases.
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