Billet buyers from Algeria have closed deals for import square billet as was expected. Traders’ cargoes have been preferred for now owing to shorter lead times.
According to sources, a cargo of 15,000 mt rebar quality billet has been recently booked at around $430/mt CFR from a trader, down around $5-6/mt from the initial offer. The lot will be shipped by the end of the month, SteelOrbis has learned. In addition, early this week 10,000 mt of billet were sold to a re-roller in Algeria at $435/mt CFR. “Those are ready cargoes from traders which are getting rid of their positions. CIS mills are not yet there pricewise,” a trading source said.
Algerian Qatari Steel is getting ready to reopen its import billet tender shortly, SteelOrbis understands. Previously, the seller was seeking to buy 20,000 mt of wire rod grade billet, as reported earlier.