Iran’s billets exports market showed some movement in the last one week with prices declining by around $10/t w-o-w. One deal for exports was recorded by SteelMint so far. SteelMint’s latest assessment of Iran’s billets (3SP) exports prices stood at around $465/t FOB on 1 November.
An Iranian mill has concluded an export deal for 40,000 t of steel billets at $470/t FOB towards the beginning of this week and the shipment is scheduled for December 2022. Prices saw a decrease of around $10/t against the last concluded tender in mid-October, 2022.
However, market sources opined that export prices are likely to drop further in the upcoming days or so, on weak demand. Iranian steel makers are looking to improve market via exports but demand expectation is very narrow owing to steep global inflation.
Falling global scrap prices, drop in bids from key importing countries and return of Chinese billets into the market have weighed on prices.
- Chinese billets prices too under pressure with news of nation’s exports for South-east Asia. As per the sources, Chinese billets were heard offering at $490-495/t CFR Manila.
- The imported scrap market in Turkiye remained weak on lower crude steel production on high energy prices in Europe which led the demand fall for scrap. SteelMint’s assessment for the US-origin HMS 1&2 (80:20) stands at $355/t CFR, down further by $5/t w-o-w.
- As Europe is also moving towards winter, it may aggravate the demand further on high inflation indication.
Leave a Reply