As expected, square billet buyers from the Gulf Cooperation Council (GCC) region have been active in imports. A deal has lately been closed to Saudi Arabia and two more are foreseen to be agreed on with buyers from the UAE.
According to sources, a re-roller from Saudi Arabia has recently booked 50,000 mt of billet from Ukraine for December shipment. The disclosed price is in the range of $434-437/mt CFR, SteelOrbis has learned. Taking into account winter freight rates and a small grade extra, market sources estimate the FOB price at $409-410/mt FOB.
Two more buyers in the GCC region are in the market and are expected to buy large lots shortly. According to sources, the targeted price is around $430/mt CFR for both.
With this deal SteelOrbis’ daily price assessment for ex-CIS billet remains at $410-415/mt FOB.