Iran’s billet export prices have increased in recent export deal. Bids received for export tender were at higher levels. Billet players were on export market which has supported prices to rise.
An Iranian steel mill has concluded an export tender for 30,000 tonnes (t) of billets, sources informed. The deal was heard concluded at $510/t FOB for mid-April, 2024 delivery. According to BigMint’s latest assessment, Iran’s billet (3SP) export prices inched up by $10/t w-o-w to stand at $510/t FOB on 6 February, 2024.
In a major development, Iranian government has announced new rates of export duties for semi-finished steel (billet and slab- 1%), DRI- 12% and raw materials (pellet- 1% and concentrate- 5%).
Domestic billet, rebar prices continue to head south amid lower trades
Iran’s domestic billet and rebar prices continued to witness a drop due to lack of demand and decrease in exchange rate, sources informed BigMint.
Billet sales on IME decrease this week
Domestic billet sales fell by 43% w-o-w, while the average sales price on the IME remained largely stable w-o-w as compared to the previous week.
During the week under review, approximately 105,403 t of billets were traded on the IME at an average sales price of 201,372 rial. In the preceding week, around 185,240 t of billets were traded, with an average price of 198,244 rial.