Based on the information received from the market, it has been reported that billet prices have decreased due to low global demand, excess supply, and a decline in the prices of finished products.
Emirates Steel Arcan has announced its rebar prices for July at $666.9 ton CPT .
In Oman, the producer of commercial billet, which is manufactured through an electric arc furnace, along with the country's reference plant, is aiming to offer ex-factory prices of $520 and 525 ton FOB for 150mm 3sp billet to be delivered in August.
Demand in the UAE has witnessed a decline over the past week, while both rebar and billet prices have remained stable.
Saudi Arabian billet was offered at CPT $510 ton, but no agreement was reached.
According to the news reports, shipments of Iranian origin billet were sold from southern ports at $485 ton. The billet was sold at $505-510 per metric ton CFR, with a shipping cost of $20-25.
Last week, the import price of rebar in the UAE was $605 per metric ton CFR. However, this week, the price has increased to $608 ton.
In Bahrain, fast shipping offers for induction furnace 130mm 3sp billet from Saudi Arabia are priced at $520 ton CPT. Meanwhile, domestically produced EAF 150mm 3sp billet is being traded at $520 ton FOB.
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