The Gulf Cooperation Council (GCC) domestic billet market is experiencing stability despite subdued demand. Omani suppliers continue to quote prices, while merchant billet producers and integrated mills are awaiting the October rebar price announcement from Emirates Steel, which significantly influences the region's pricing dynamics.
Current offers for ex-Oman electric arc furnace-route 130/150mm 3sp billets stand at $525 per tonne delivered to the UAE, while ex-Iran offers range from $495 to $505 per tonne at UAE ports. Local induction furnace mills in the UAE are targeting prices of $525 to $530 per tonne ex-works, holding offers until the new rebar prices are announced.
Market participants have noted that despite an export ban, UAE's containerized scrap exports have increased, leading to local scrap price hikes. The overall sentiment in the GCC billet market remains cautious as stakeholders anticipate potential adjustments based on upcoming market developments.
