United Arab Emirates (UAE)-based re-rolling companies remain interested in billet purchases, with their preference still being given to billet from the region owing to the shorter lead times.
A 20,000 mt billet sale has been closed by a re-roller in the UAE with local producer Emirates Steel Industries within $385-390/mt CPT, SteelOrbis has learned. Another re-roller in the country has received an offer at $390/mt CPT, again for around 20,000 mt. Local producer Arabian Gulf Steel Industries, according to sources, is currently offering at $400/mt CPT. It is worth mentioning that around 10 days ago billet was sold in the UAE’s local market at $380/mt CPT.
Other suppliers in the Gulf Cooperation Council (GCC) region have been offering within the range of $405-415/mt CPT UAE depending on the origin, but most probably are not interested in immediate sales. Moreover, the overall market allocation might be limited. In particular, according to the sources, Jindal Shadeed is sold out until the end of November.
GCC-based mills remain active in exports. Their offers remain at $370-380/mt FOB, while negotiations are ongoing with Southeast Asia and China. In addition, according to the sources, Qatar Steel has marketed up to 200,000 mt of billet to China over the past few weeks.
