Iranian steel billet export prices witnessed a downward trend this week in recently-concluded deals. Falling global scrap prices, weak demand, drop in bids from key importing countries and return of Chinese billets into the market have weighed on billet export prices, SteelMint notes.
- An Iranian mill concluded an export deal for 30,000 tonnes (t) of steel billets at around $464/t FOB. Prices have corrected downward by around $6/t as against the last concluded tender the previous week.
- Meanwhile, another billet export tender failed to receive active participation, sources informed SteelMint.
SteelMint’s latest assessment of Iran’s billet (3SP) export prices stood at around $465/t FOB on 8 November, stable, w-o-w.
Domestic billet, rebar prices up on improved demand
Iran’s domestic billet and rebar prices saw a significant increase amid improved demand in the market following changes in the exchange rate, sources informed SteelMint.
Outlook
Market sources opined that export prices are likely to drop further in the upcoming days, on weak demand. Iranian steel makers are looking to improve the market via exports but demand expectation is very narrow owing to steep global inflation. Also, with winter approaching, the demand outlook may remain bearish.
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