Billet deal from Turkey to Saudi Arabia

This week a billet deal from Turkey to Saudi Arabia, which is an important market for Turkey's billet exports, has helped shape price levels. The deal for 30,000 mt of grade 60 billet was concluded at the price level of $547/mt CFR Jeddah.
 
Taking into account that freight costs to Jeddah are approximately $20-25/mt and that billet prices for grade 60 are $12-15/mt higher than prices for grade 40 (i.e., commercial grade), this means ex-Turkey billet offers have declined by $10/mt since last week to $510/mt FOB.