This week Iranian billet export market was reported dull with further drop in offers against last week. Current billet export offers from the country are standing at USD 350-355/MT, FoB, down USD 5/MT against last week.
The prime reason for weakened trade sentiments and falling billet export offers is dipping Turkish scrap import prices, SteelMint learnt from market sources. Turkish imported scrap prices have moved down sharply again this week after yesterday’s deep-sea cargo bookings were confirmed at prices USD 6-7/MT lower than the previous bookings, SteelMint learned from market participants.
As per SteelMint’s methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has moved down to USD 234/MT, CFR Turkey. Prices have moved down by around USD 10 /MT against last week’s report, while in comparison to the last booking during the closing of last week, the price drop is around USD 6-7/MT. While assessment of European origin HMS 1&2 (80:20) currently stands at around USD 228-229/MT, CFR Turkey.
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