A large cargo of Ukraine-origin steel billet was heard sold into the Gulf Cooperation Council (GCC) region in the week to Thursday October 22, while other regions were waiting to see how the market would move.
A 50,000-tonne batch of Ukrainian billet was reported sold to Saudi Arabia at a price close to $440 per tonne cfr, according to estimates by market participants. This would be equivalent to slightly more than $405 per tonne fob Black Sea.Meanwhile, offers from CIS mills were reported no lower than $415 per tonne fob Black Sea. Producers were inspired by the uptick in the import scrap...