The month’s last week also curtained silently. This was the second consecutive week of the month in which the country witnessed no trades. The billet export offers from the country also got further soften to USD 375-380/MT, FoB, from USD 380-385/MT, FoB last week to see a drop of USD 5/MT, this week.
SteelMint tried to scrutinized the reason for falling billet export offers from country and learned; dipping raw material prices and slow down in the global economy are the prime reason for this fall. However, the Iranian marketers believe, the domestic market is falling at slower pace against the World market.
Also, the global ferrous scrap market has witnessed downtrend in almost all major markets this week. Turkey imported SCRAP prices at 2-years low. HMS (80:20) European origin at $270/t, CFR Turkey
On the contrary, the country’s domestic semi finished steel production reached 8.68 MnT mark during the first four months of the current Iranian year (March 21-July 22) and booked a Y-o-Y growth of 5%. Billet and bloom made up 5.12 MnT of all semi-finished production while slab output hits 3.55 MnT to register a 14% rise and a 6% decline respectively Y-o-Y. ~ Inputs from Financial Tribune
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