Steel billet buyers in the Middle East are opting for buying CIS origin material due to their advantageous prices, though steel billet demand is fairly weak in the region. Following some ex-CIS transactions to the Middle East at $565-580/mt CFR, steel billet prices from the CIS have declined to $545-555/mt CFR in the latest transactions.
Currently, CIS steel billet offers to the Middle East are at $540-550/mt CFR, while Turkish mills steel billet offers are standing at $550-560/mt CFR.
The highest demand level for steel billet in the Middle East is being observed in Saudi Arabia, while steel billet import volume of the UAE is very low amid low demand and the country's high rebar import volume.