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Tosyalı SULB, a joint venture between Turkish steelmaker Tosyalı Holding and Libya United Steel Company for Iron and Steel Industry, plans to attract around $2.5 billion in investment for a direct reduced iron (DRI) project near Benghazi, with commercial production targeted for early 2028. The complex will comprise three DRI production units with combined annual capacity of 8.1 million mt once fully completed, with the first phase set at around 2.7 million mt/year — natural gas supply arrangements for this phase are already in place, alongside a dedicated power facility under development. Chairman Ahmed Gadallah said about 90% of output is targeted for export, mainly to Europe, while the remainder will supply rebar and steel pipes for Libya's domestic market.

There have been price changes since last week: rebar (505→510 USD/metric ton), slab (485→490 USD/metric ton), HRC (525→528 USD/metric ton), and billet (480→485->480->478 USD/metric ton). This is due to manufacturers trying to gauge the market on how they will react. However, it seems that it is the billet that is reacting. When prices were raised, it turned out that Chinese steel products, especially billet, experienced a decline. Ultimately, the prices in Indonesia had no choice but to lower. However, now that buyers' expectations are 5-10 USD/ton lower than the manufacturers', the manufacturers are now trying to reduce billet prices. Let's see what happens in the market next week, but if buyers have a stronger market position, then prices are likely to drop next week as well.

[Indonesia] Today, the price of billet has dropped again by $2/ton to $478/ton FOB. This indicates that the buyers' position seems stronger in the market as mills begin to lower their prices. It was previously mentioned that demand still exists, but the emerging idea is that buyers will think a decrease of $5-10/ton would be a good price for them to purchase the product. However, now shipments have been moved to January 2027 at the earliest. Thus, maintenance issues now seem to be affecting production and delaying product shipments. If it is true that demand exists little by little but buyers are still thinking about lowering prices, prices will follow the buyers' wishes.