Adapting to demand challenges, Gulf billet producers initiate price adjustments

Gulf billet producers are proactively responding to the challenge of slow demand by implementing strategic price adjustments. In Saudi Arabia, the domestic billet market saw a quick correction, dropping to $ 530/MT DAP, while export offers from Saudi ports were reduced to $ 520/MT FOB. Similar adjustments were observed in Oman and the UAE. Both regions have officially announced reductions in indications by $ 7-10 /MT, effectively readjusting current offers to the range of $ 515-520 /MT FOB. These changes aim to address the current market conditions and are anticipated to influence import offerings. Producers now face the task of maintaining margins in light of rising scrap prices, highlighting the industry's adaptability in navigating evolving economic landscapes.