The Gulf Cooperation Council billet market remains subdued despite the significant price reduction of $50-90/tonne on-week, which has not spurred buying activity, Kallanish notes.
One regional steelmaker not typically active in the merchant billet market is quoting low prices for billet, forcing merchant billet producers to reduce their offers. Chinese billet offers are soon expected to surface in the GCC market after being offered to Egypt at $660-670/t cfr.
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