Iranian steel billet export prices continued to head south this week in recently-concluded deals. Declining global scrap prices, low bids, and limited trade have pulled down billet export prices, SteelMint notes.
An Iranian mill concluded an export deal for 40,000 tonnes (t) of steel billets at around $475/t FOB, sources informed SteelMint. The shipment is likely to be scheduled for September. Prices have corrected downward by around $25/t as against last week. Last week, another deal for around 30,000 t BF route billets was concluded at $490/t FOB.
SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at around $475/t FOB on 26 July, a fall of around $25/t, w-o-w.
Domestic billet, rebar prices fall on weak demand
Domestic billet and rebar prices witnessed a fall on weak trading due to pressure from Iran Mercantile Exchange (IME), sources informed SteelMint.
Domestic billet trade on IME up w-o-w
Domestic billet sales on the Iran Mercantile Exchange (IME) increased by 7% w-o-w. Meanwhile, the average sales price fell marginally by 5% w-o-w.
Around 125,075 t of billets were traded on IME in the week under review at an average sales price of 128,012 Rial. Last week, about 116,600 t of billets were traded at an average sales price of 135,475 Rial.
Outlook
Market participants are awaiting a few tender outcomes for price clarity. Iran’s Sirjan Jahan Steel Company has floated an export tender for 30,000 t of steel billets for mid-September shipment for which the due date was 26 July. Another 25,000 t billet export tender has been floated by Khorasan Steel Complex with the due date being 1 August and the shipment scheduled for September.
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