Local and import billet prices in the GCC region have dropped significantly, resulting from the global downtrend seen in the raw materials and semi-finished steel markets. In addition, domestic rebar demand in the UAE specifically has been insufficient lately.
A buyer from Qatar has recently purchased 30,000 mt of 130 mm x 130 mm billet from Ukraine at $580/mt CFR, SteelOrbis has learned. Some other mills from the CIS were offering $585-590/mt CFR to the same customer at the time of negotiation. Two weeks back, the estimated prices from the Black Sea region to the GCC stood at $605-610/mt CFR.
UAE-based buyers have been reporting a significant decrease in local and import prices. Offers from Bahrain have lost $45/mt over the past two weeks to $560/mt CFR for base grades. One Omani mill is in the market with $580-590/mt CPT offers officially; however, buyers consider significant discounts may be possible.
Offers from across the sea have been heard mainly at $550/mt CPT, indicating a $20-25/mt drop compared to the deals done in early January. No fresh deals have been reported.