Iran: Steel billet export prices remain stable w-o-w

Iran's steel billet export prices remain stable this week. SteelMint's latest assessment of Iran's billet (3SP) export prices stood unchanged w-o-w at $463/t FOB on 10 August, 2023.

No export tenders have been floated by Iranian mills so far. As the previous billet tender was concluded at lower levels against price levels heard last week, prices are under pressure and the billet export market is silent, Steelmint notes.

Recovery in global scrap prices have supported billet prices. Turkiye's imported scrap prices saw a marginal change w-o-w. According to SteelMint's latest assessment, HMS 1&2 (80:20) prices from the US edged up by $4/t w-o-w to $352/t CFR Turkiye.

Domestic billet, rebar prices head north

Domestic billet and rebar prices in Iran continued to edge up on improved demand and higher exchange rate realisations, sources informed.

Billet sales on IME rise w-o-w

Domestic billet sales on the Iran Mercantile Exchange (IME) rose by 2.8% w-o-w and the average sales price increased by 2% w-o-w.

Around 163,660 t of billets were traded on the IME in the week under review at an average sales price of 194,922 rial. Last week, about 159,190 t of billets were traded at an average price of 191,057 rial.