Iranian billet export offers witnessed a drop this week. According to a few major steel mills in the country, billet export offers have come down to $610-615/t FoB levels.
As per sources, one of the leading steel exporters in Iran was heard to have concluded a billets tender for $605/t FoB levels. However, it could not be confirmed whether the deal has been concluded or not.
Another leading steel mill in Iran, Chadormalu Mining and Industrial Company, is likely to float a 30,000-t billet export tender next week.
SteelMint’s bi-weekly assessment for Indian billets (150*150mm, BF route, FoB east coast) was recorded at $610-615/t, FoB on 29 Jun’21, lower by $15-20/t w-o-w.
According to data maintained with SteelMint, the Shanghai Futures Exchange (SHFE) rebar futures Oct’21 contract, on 1 Jul’21, remained stable on a d-o-d basis at RMB 5,146/t ($796/t).
However, on a weekly basis, futures increased by RMB 213/t against last week. On the other hand, domestic billet prices in Tangshan, on 23 Jun’21 were stable at RMB 4,910/t ($760/t), ex-Tangshan, including 13% VAT.
Iranian slab export prices fall in recent deal: A leading Iranian steel exporter has reportedly sold 40,000 t of slabs through an export tender, as per SteelMint reports. According to sources, the company concluded the tender at $740/t, FoB Iran. The shipment is likely to be scheduled for mid-Jul’21 and the destination is the Far East. Prices have moved down by around $5-10/t against the company’s last tender concluded in mid-Jun’21. Softening global HRC prices have resulted in bearish market sentiments.
Iran’s steel production at 3.57 mn t, up 10% y-o-y: Iran’s steel production during the first two months of the current Islamic year (21 Mar-20 May’21) stood at 3.57 mn t, up by 10% y-o-y. The production of long steel was recorded at 1.94 mn t, up by 16% y-o-y. Output of flat steel products registered a y-o-y rise of 2% to touch 1.63 mn t.
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