Iran’s billets export market remained silent this week with prices remaining stable w-o-w. No deals for exports were recorded by SteelMint so far. SteelMint’s latest assessment of Iran’s billets (3SP) export prices stood at around $480/t FOB on 26 October, stable w-o-w.
However, market sources opined that export prices are likely to drop by $10-15/t in the next week or so, given weak demand and drop in global scrap prices.
- The imported scrap market in Turkiye remained quiet as buyers were reluctant to book fresh cargoes amid unfavourable market conditions. SteelMint’s assessment for US-origin HMS 1&2 (80:20) stands at $360/t CFR, down by $5/t w-o-w.
- Global billets prices, too, were under pressure with news of Chinese exports coming in. An unconfirmed deal of 150mm/5SP Chinese billets was heard concluded at $520/t CFR Philippines.
- Also, with winter approaching, the demand outlook may remain bearish.
However, Iran’s domestic billet and rebar prices saw a significant increase w-o-w due to active trading at Iran Mercantile Exchange (IME), sources informed SteelMint.
Iran’s leading steel mill – Khouzestan Steel Company (KSC) – has floated 40,000 t each of steel billets and slab export tenders with 28 October as the due date. The shipments are likely to be scheduled for December. This is likely to set price clarity for the Iranian market next week.
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