Iranian billet export market awaits deal conclusions for price clarity

Iran's billet export market has witnessed limited trade activities this week. On the other hand, fall in scrap prices have kept global billet market sentiments subdued.

Sources indicate that Khouzestan Steel Company (KSC), an Iranian mill, has floated a 30,000-tonne (t) billet export tender this week for mid-February delivery period. Meanwhile, other mills are anticipating export prices to rise to the range of $485-490/t FOB. Some offers are on the floor, although billet players are expecting to further raise prices on higher levels in the region due to shortages of gas during the winter season.

As per SteelMint's latest assessment, Iran's billet (3SP) export prices stood at $480/t FOB on 21 December.

Domestic billet prices fall, rebar prices continue to head south

Iran's domestic billet and rebar prices continued their downtrend owing to a decrease in sales at the Iran Mercantile Exchange (IME) and weak finished steel market sentiments, sources informed SteelMint.

Billet sales on IME drop

Domestic billet sales dropped by 45% w-o-w and the average sales price on the IME remained largely stable compared to the previous week.

Around 124,060 t of billets were traded on the IME in the week under review at an average sales price of 188,124 rial. Last week, about 227,250 t of billets were traded at an average price of 185,662 rial.