Interest in billet imports is still present in Saudi Arabia, given the increased difference between rather high domestic rebar prices and continuously falling global semis tags.
According to the sources, a 50,000 mt billet cargo to be shipped in October was booked by one Saudi steel producer at slightly below $405/mt CFR, which was the initially offered level. The FOB price from the Black Sea is estimated at around $375/mt, SteelOrbis understands, which is in line with the general market evaluation in the region.
The billet exporters believe that other buyers in Saudi Arabia will be in the market shortly with bids close to $400/mt CFR or slightly below.