This week, Iran was reported to book enormous billet volumes. However, billet export offers from the country have got little soften, SteelMint learned from a market participant. According to sources reported to SteelMint, Iranian mill was reported to book around 30,000 t billets to SE Asia at $395-400/t, CFR. Apart from this, numerous deals were also reported from the country, few reports have mentioned.
SteeMint assessment for billet export offers from Iran has come down marginally and is at $370-375/t, FoB Iran, marginally down by $1-2 against last week.
KSC floats billet export tender- Meanwhile, one of the leading exporters of Iran KSC (Khouzestan Steel Company) has floated an export tender for 30,000 t billets for early Sep’20 shipments. The company is expecting the price levels of $375/t, FoB for the tender. Before this, the company had concluded an export deal through a tender at $375-380/t, FoB Iran levels.
Domestic billet prices surge at IME- This week, approximately 98,300 t billets were traded at Iranian Mercantile Exchange, at an average price of IRR 67,890/kg ($353/t), excluding 9% VAT. The sharp increase in billet offers was a result of a sudden depreciation of IRR to the $ on Wednesday; 24 Jun’20. Steelmakers raised offers to keep IRR-based prices in line with $-denominated, globally traded billet prices.
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