A rebar rolling company in Saudi Arabia has closed another deal for import billet ex-CIS on late April 29 in addition to another cargo, booked earlier this week. A Ukrainian mill sold 50,000 mt at $360/mt CFR while earlier another 50,000 mt of the same origin was purchased at $361/mt CFR, but from another seller. As a result, the buyer procured a total of 100,000 mt of steel billet, all to be shipped in May. The FOB level for the sales is estimated at around $335-340/mt FOB.
More cargoes may be booked to Saudi Arabia as at least two buyers out of three have been looking to make a purchase. However, taking into account weakening scrap prices, Saudi Arabia is expected to aim at around $350/mt CFR, SteelOrbis understands.
