Iron steel billet prices in the Gulf region declined from $447/t to $444/t CFR between April 25 and May 2, driven by aggressive marketing tactics from foreign producers. Iranian billets were offered in Kuwait at $435/t CFR and in Oman at $440/t CFR—significantly lower than local manufacturers' requests of $480-490/t CFR.
Falling rebar prices have prompted re-rollers to favor cheaper foreign billet supplies, forcing local producers to adjust their pricing while still struggling to compete.
Turkish mills also reduced prices, with Kardemir cutting its billet rates by $15/t in late April to $485/t EXW. Overall, Turkish billet offers fell by $33/t during April to $497/t EXW.
Despite expectations of increased billet sales in Syria due to reconstruction projects, slow progress in the country has kept demand weak. Meanwhile, billet prices in Southern Europe rose by €5/t to €497/t EXW following the Easter holiday, coinciding with renewed construction activity.
Chinese billet prices increased by $5/t to $411/t EXW between April 17 and 25, mainly due to declining inventory levels among producers and traders. However, the monthly average showed a $7/t decline.
The National Bank of Ukraine forecasts a 5.2% drop in billet prices to $478/t FOB Ukraine in 2025, followed by expected increases of 2.9% in 2026 to $492/t and 2.1% in 2027 to $502.5/t.
