Saudi Arabia maintains its steel billet import activity

After receiving 67 percent of Turkey's total steel billet export sales in Q1 this year, Saudi Arabia continues to import billet from the CIS and Turkey, as demand has maintained its strength in the most active steel market of the Middle East region, with steel mills in the country operating at full capacity to meet rapidly growing finished steel demand arising from the continuation of projects.
 
After two steel billet transactions concluded this week from Russia to Saudi Arabia for a total of 120,000 mt at $645/mt CFR Jeddah, Turkish steel billet offers to Saudi Arabia have indicated some softening, declining gradually from $650-655/mt CFR Jeddah at the beginning of the week to $640-645/mt CFR Jeddah. SteelOrbis has learned from market sources that Saudi Arabian buyers, who are frequently making inquiries of Turkish mills for steel billet, will most likely conclude bookings from Turkey at $640-645/mt CFR Jeddah.