Slowdown in Saudi Arabian domestic billet market due to Ramadan

According to market sources, Saudi Arabian billet producers have reduced their number of daily working hours from 12 to 6 due to Ramadan, weak demand and the hot weather conditions in the country. Most domestic producers have been using their billet to meet the needs of their own rebar production, with only Solb Steel known to be selling billet to the local market.
 
Accordingly, most Saudi Arabian billet buyers have to purchase imported billet. At present, ex-CIS billet offers to Saudi Arabia stand at $530/mt CFR. Some sources state that transaction activity for imported billet has decreased over the past week due to Ramadan.
 
Market sources report that Solb Steel plans to build a new hot rolling mill with an annual capacity of 600,000 mt and so the billets produced by its electric arc furnace will eventually be used as feedstock for the new mill.