It was the third consecutive week when billet export offers remained unchanged. Although, towards the end of the last week, Iran’s leading mill – KSC has concluded an export deal for 30,000 t billets at around $405-406/t, FoB level. However, the other prominent mills of the country, seen offering in the range of $400-405/t, on FoB Iran basis.
The bid-offer spread continues to exist- The price stability of the Iranian billets could not pull the bids from the Chinese and SE Asian buyers amid fluctuating Chinese rebar futures. The bids remained unchanged for this week as well and were at $420-425/t, CFR levels. While offers were at $440/t, CFR levels
This week’s SteelMint assessment for billet export offers from Iran stands at $400-405/t, FoB Iran, unchanged against last week.
ESCO concludes 30,000 t billet export tender- Esfahan Steel Company (ESCO), one of the leading steel exporters of Iran, has booked 30,000 t billets through a tender for Ghana, Africa. According to company officials, the company managed to achieve a price level of $401/t, FoB Iran. The shipment is likely to be scheduled for Nov’20.
Chadormalu floats 30,000 t billet export tender- Chadormalu Mining and Industrial Company, one of Iran’s leading steel exporter, is offering 30,000 t billets through a tender for Sep’20 shipments. In previously floated tender, the company managed to achieve a price level of $398/t, FoB Iran. The billet export offers from Iran are stable against last week and are at $400-405/t, FoB Iran levels.
Domestic billet prices at IME witness a rebound- The domestic billet prices in Iran saw a decent comeback on improving demand, after declining for the past couple of weeks. This week, approximately 91,200 t billets traded at the Iranian Mercantile Exchange (IME), at an average price of IRR 77,453 ($383/t), up by IRR 3,685/kg ($19), against last week. Yesterday, the spot billet prices were at IRR 85,000 t ($420/t), ex-works, including 9% VAT.
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