Middle East slows down the square billet imports from CIS

Published: 23 Jul 2009 00:09:18 PST

July 23 MetalBiz--Traders said that most steel rolling mills in Middle East have adequate inventory, and continue to reduce the order from Commonweath of Independent States (CIS). Steel rolling mills' stockpiles of Arabia, Yemen, Saudi Arabia and Oman have maintained to the end of August or early in September.

The billet exporters of Russia and Ukraine quoted billet to be produced in August at US$440-450 per ton (CFR, Persian Gulf), but few buyers. Last week, some CIS manufacturers try to adjust up the billet offer to US$460 per ton, but because few buyers are interested in it, failing to increase the price.

A steel rolling mill said that the imported price of CIS is still around US$440 per ton (CFR), their inventory will last to the end of August or early in September, if the quotation still for US$440-450 per ton (CFR), and then they will re-enter the market at the end of August.