80,000 metric tons (mt) of Turkish Billet was purchased by a western Saudi Arabian buyer at $575/MT CFR Jeddah last week.
Also, a second deal of 30,000 tons of Turkish Billet took place by another Saudi buyer at higher price.
High cost of production is not letting sellers to close deals at lower prices as few of the buyers wished to lift the material at $540/MT FOB south Turkey.
Offers from Black Sea Billet exporters have fallen looking at huge imports made by Saudi buyers from the Turkish producers.
CIS Billet producers also met with decent trades. At $526/MT FOB Novorossiysk, Russian Billet was sold and 10,000 tons of Ukrainian material was purchased at $531/MT FOB Black Sea.
Buyers were interested to place booking orders at lower offers as chances were high that Billet makers might cut offers for March.
In the current week, Turkish origin Billet might be purchased in good volumes by Saudi buyers.
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