Iran: Steel billets export market sees limited trading, prices stable w-o-w

Iran's billets export market witnessed limited trading with prices remaining stable w-o-w. Falling global scrap prices, weak demand and bid-offer disparities continued to weigh on the billets export market, SteelMint notes.

Meanwhile, an Iranian mill concluded an export deal for 40,000 tonnes (t) of steel billets at around $455/t FOB for December 2022 shipment. Another 30,000 t of billets export deal was concluded at around $460/t FOB, sources informed SteelMint.

SteelMint's latest assessment of Iran's billets (3SP) export prices stood at around $458/t FOB on 29 November, stable w-o-w.

Domestic billets, rebars prices edge up

Iran's domestic billets and rebars prices saw an increase amid fluctuations in the exchange rate. However, prices are expected to fall in the coming days owing to sluggish demand in the region, sources informed SteelMint.

Outlook

Global ferrous scrap prices have risen sharply last week with Turkiye's imported scrap prices moving up by around $25/t w-o-w. This may support global billets prices in the near term.