Iran: Billet Export Offers Up Following Hike in Scarp Prices

Iranian billet export offer continue to increase further from last few weeks in line with increase in scrap prices.

Offers increased by around USD 35/MT W-o-W which was USD 395-400/MT FoB. Last week, billet export offers of Iran were noted at USD 365-370/MT FoB.

As per SteelMint's assessment, the offered price for Iranian billet is noted to be around USD 395-400/MT, but buyers are reluctant to buy at this price, the workable price is heard at USD 385-390/MT.

As per one Iranian source, over increase in billet export offers, one of a big Iranian steelmaker is planning to cancel their previous export deal of around 20,000 MT billet at USD 360-365/MT FoB Bandar Abbas. They would be targeting USD 390-395/MT.

Global Billet Market overview:

1. Global billet export offers have moved up amid hike in global scrap offers and limited billet availability in global market. Offers from CIS regions are around USD 445-450/MT, FoB Black Sea. Offers moved up by around USD 5-10/MT W-o-W.

2. Domestic billet (100*100mm) offers in India is assessed around INR 35,600/MT (ex-Mumbai), GST extra. Offers started declining from mid of this week

3. Domestic billet prices in China have increased after Chinese mills returned from holidays.However prices reported fall later this week fell. Current billet prices in Tangshan (China) is around RMB 3,440/MT ex-factory, including tax