Iran: Billet export offers gain on global trend
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Iranian mills have raised billet export offers this week on the rising global price trends.
SteeMint's assessment of Iranian billet has moved up by $5/t w-o-w to $395-400/t, FoB Iran.
The trading activity was quiet this week. Few mills like ESCO and KSC are likely to float billet export tenders by next week for 20,000 t and 30,000 t respectively, sources told SteelMint.
Bids for Iranian billet were higher this week in SE Asia compared with last week's levels though bid-offer spread still remains wide amid slow demand for finished steel. While offers were at $430/t CFR levels, bids were below $420/t CFR.
Domestic billet prices at IME fall by IRR 2,136/kg- Domestic billet prices in Iran were lower. On Tuesday, approximately 79,300 t billets were traded at the Iranian Mercantile Exchange (IME) at an average price of IRR 75,237/kg ($395/t), ex-works, excluding 10% VAT, down by IRR 2,136/kg ($15/t) on a w-o-w basis.