Omani steel producers have lowered their billet prices in response to sluggish market conditions. The mills have dropped their 3sp billet tags to $498-500 per tonne ex-works, equivalent to $508-510 per tonne delivered.
The price reduction comes as demand for long steel and billet in Oman remains weak. Despite the lower tags, business activity in the Sultanate's steel market has been slow.
Billet importers in the Gulf Cooperation Council (GCC) region have also received offers of China-origin billet at $505-510 per tonne CFR for September shipping, with an estimated workable price of around $500 per tonne CFR. However, extreme heat in the UAE and Saudi Arabia has resulted in a slowdown in construction activity, further dampening demand.
