Ramadan Is Coming To An End And The Market Still Needs To Recover

The Muslim holy month of Ramadan begins on March 11 and ends with the celebration of Eid al-Fitr on April 11.In the last few days of Ramadan, the traditional demand for steel in the United Arab Emirates and Saudi Arabia slowed down, and the import market is not expected to improve until mid-April.

At present, Emirates Steel Company is still selling rebar orders for April at a price of US$745/ton EXW. The tradable price is at the level of US$680-700/ton EXW. Rebar quotations from re-rolling mills are hovering at US$635-655/ton.Buyers in the United Arab Emirates and Saudi Arabia have also postponed purchases, and the plate import market has been slow. The current quotation of hot rolled coil in the United Arab Emirates is 560-610 US dollars/ton CFR, the quotation of cold rolled coil is 610-620 US dollars/ton CFR, and the quotation of hot-dip galvanized coil remains unchanged at 780-800 US dollars/ton CFR.

At the same time, as one of the major steel suppliers to the United Arab Emirates and Saudi Arabia, China’s steel prices have continued to weaken recently, which has affected the market mentality to a certain extent.