Saudi buyers in negotiations to buy ex-CIS billet

This week, ex-CIS steel billet offers have decreased by $10/mt to $530/mt FOB, as SteelOrbis previously reported, while ex-CIS steel billet offers to Saudi buyers, who are seeking to purchase supplies nowadays, are standing at $585-590/mt CFR. However, it is learned from market sources that Saudi buyers are currently in negotiations in order to drag these offers down to $580/mt CFR Jeddah.
 
Turkish buyers are unable to compete with CIS offers and therefore they are not issuing any offers to Saudi Arabia, and this has strengthened CIS steel producers' negotiation power. Some market players also state that CIS producers may well push down their steel billet prices to $580/mt CFR Jeddah for a large volume order.