Iran’s billet exports trade has slowed down towards the end of the Iranian fiscal year. No deal was heard so far this week SteelMint’s latest assessment of Iranian billets (3 SP) exports stood stable at $605/t FOB on 1 Mar’22. However, with trade tensions aggravating, billet export offers are likely to increase to $630/t FOB levels, highlighted sources.
The uncertainty in the global markets and change in trade dynamics due to the ongoing crisis between Russia and Ukraine may open up further opportunities for Iran. It can tap into the markets where Russia’s supplies are being disrupted.
Iran domestic rebar prices up
Iran’s domestic billet and rebar prices rose following an uptick in export prices of both the commodities on the Iran Mercantile Exchange (IME) due to a series of sanctions on Russia, sources informed SteelMint.
Iran’s domestic billets prices rose following an uptick in its export prices. Following this, rebar prices also witnessed a jump, sources informed SteelMint.
Domestic billets trade on IME up 14%
Domestic billets sales on the IME increased by 14%, but the average price was stable at w-o-w.
Around 94,150 t of billets were traded on IME in the week under review at an average sales price of 133,899 Rial. Last week, about 82,825 t of billets were traded on IME at an average sales price of 133,852 Rial.
Outlook
Iranian billet export prices are likely to witness a sharp uptrend in the coming weeks amidst uncertainty in supplies from CIS countries.
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