Iran Billet Export Offers Up; Trades Subdued

The Iranian billet export offers inched up this week. However, the market awaits billet deals to be concluded at increased offers. According to SteelMint, this week Iranian billet export assessment stands at USD 385-390/MT FoB for 3 sp grade, up by USD 5 against last week. The shipment is scheduled for end Aug-early Sep'19.

The US sanctions are the prime reasons which are keeping the potential buyers of the country in hesitation. Although, despite the U.S. sanctions on the country's metals and minerals sectors Iran's crude steel output hit 2.235 MnT in May, World Steel Association reported. As per reports, the country has also established a special working group in the ministry which is closely assessing the situation and making necessary arrangements to mitigate the impact of U.S. sanctions.

Also, the global scrap prices have moved up this week after hike in Turkey scrap prices. SteelMint's assessment of imported HMS 1&2 (80:20) stands at USD 299/MT, CFR Turkey up, USD 10-12/MT against last week.