Ex-CIS billet price inches up in deal to Saudi Arabia

A Saudi Arabia-based steel producer has recently closed a deal for ex-CIS square billet. The sides agreed on a 50,000 mt cargo to be shipped from Ukraine in November at the level of $380-385/mt CFR. Market players estimate the FOB price at $350-355/mt, while around 10 days ago $345/mt FOB was discussed again with Saudi Arabia. As a result, with the mentioned sale billet prices are considered to be firming up. Some more billet transactions might be seen shortly in Saudi Arabia as buyers might seek to replenish their stocks before prices go up further. However, low rebar demand locally limits the interest in billet purchases.