Since demand has not increased in the past week due to economic challenges, the approach of the election and the start of Ramadan, traders have decided to lower prices to attract buyers. Meanwhile, larger traders expect prices to stay unchanged amid high expenditures and financial difficulties, while certain traders said that they would provide discounts because of the ambiguity of the demand situation, anticipating further declines.
As a result of the negative factors, domestic hot rolled sheet prices have dropped by $10-30/mt from last week to $860-920/mt ex-warehouse. Although larger traders try to sell for $900-920/mt ex-warehouse, smaller traders offer additional discounts and sell at $860-890/mt ex-warehouse.
Controversially, some smaller traders are attempting to sell at $940-950/mt ex-warehouse, which is unsustainable in the light of the current market conditions.
Similarly, the cold rolled sheet market has declined this week, with most traders offering prices at $950-1,000/mt ex-warehouse, down from $970-1,015/mt ex-warehouse earlier.
