Iranian billets export market remained silent this week owing to the ongoing Eid holidays which kept market participants on the sidelines.
However, a few export deals were heard concluded just before the holidays. An Iranian mill has concluded an export deal for 40,000-50,000 t of steel billets. The deal was concluded at around $665/t FOB for the early-Jun’22 shipment.
SteelMint’s latest assessment of Iran’s billets (3SP) export prices stood at $670/t FOB on 3 May, unchanged, w-o-w.
Amidst holidays, the COVID surge in China and cheaper Russian billet cargoes have kept Iranian mills away from placing offers this week, sources highlighted. The power supply shortage again getting surfaced to the Iranian steelmakers. As per the reports, the government is expected to announce some limitations soon to overcome the matter.
Domestic billet, rebar prices stay supported
Iran’s domestic billet and rebar prices remained supported amid the ongoing Ramadan holidays.
Domestic billet trades rise
Domestic billets sales on the Iran Mercantile Exchange (IME) increased marginally by 7%. However, the average price was largely stable, w-o-w.
Around 54,200 t of billets were traded on IME in the week under review at an average sales price of 151,264 Rial. Last week, about 50,700 t of billets were traded at an average sales price of 152,484 Rial.
Outlook
Iranian mills are likely to turn active in exports in the coming week post-Eid holidays backed up by the recent reduction in export tariffs.
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