Iran domestic billet (IF Grade) price remained stable during Week -3 of 2018 (13 Jan till 18 Jan’18). Domestic billet market opened on Saturday at around IRR 19,460/KG (USD 436/MT), remained stable on Sunday. Towards the mid of week on Monday and Tuesday prices were noted to be around IRR 19,510/KG (USD 437/MT). Towards the end of week prices was noted to be around IRR 19,490/KG (USD 437/MT). Although the domestic price in Iran is increasing but to due continue increase of exchange rates billet prices converted in USD seems to decrease.
Iran is currently facing a severe currency depreciation. Exchange rates are going high and has almost reached IRR 44,650 against 1 USD. Higher exchange rates are making exports more viable as the producers are getting better realization in export against supplying in domestic market.
As per Planner “Scrap prices has increased during week – 3 of 2018. KSC one of the largest exporter of billet, sold 11,000 MT billet for IRR 19,800/KG (USD 443/MT) excluding 9% VAT to be delivered on mid Mar’18. KSC billet offered were of EAF grade. So, IF billet might also increase the price in coming future”.
Scrap in Iran was traded at around IRR 15,280- 15,580/KG (USD 342-349/MT) and difference between scrap and billet was noted to be around IRR 390-418/KG (USD 87-94/MT). On parallel lines rebar in Iran was traded at around IRR 22,310-22,390/KG (USD 500-501/MT) and difference between rebar and billet was noted at around IRR 280-293/KG (USD 63-66/MT).
Iran’s Khouzestan Steel Company Concluded 30,000 MT Billet Export Tender
Iran’s Khouzestan Steel Company concluded billet export tender at around USD 510-515/MT FOB Iran. Destination for billet export tender is Gulf region. Export prices witnessed a downfall against previous tender. As reported by SteelMint last month, KSC sold 35,000 MT in the month of Dec’17 for Early Mar’18 delivery at around USD 515-520/MT.
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