Iran’s billets export market remained silent this week with prices remaining stable w-o-w. Low bids from the key importing nations, limited trades and competitive offers from Russia weighed on the export market. However, prices remained supported amid hike in global scrap prices, SteelMint noted.
Moreover, economic activity in Iran is getting hampered due to the pending political negotiations involving the Joint Comprehensive Plan of Action (JCPOA), sources informed.
Meanwhile, an Iranian mill concluded an export deal for 30,000 tonnes (t) of steel billets at around $463/t FOB, sources further informed SteelMint.
SteelMint’s latest assessment of Iran’s billets (3SP) export prices stood at around $460/t FOB on 4 October, stable w-o-w.
Domestic billet price up, rebar down
Iran’s billets prices increased this week on improved demand after the holidays and changes in ex-mill rates while rebar prices witnessed a fall, sources told SteelMint.
Outlook
Iran’s steel billets export prices are expected to remain supported amid recovery in global scrap prices. Notably, Turkish imported scrap prices have risen by over $10 w-o-w. Meanwhile, futures trading and market stability also hinge on the ongoing political negotiations.
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