Iranian Billet Export Offers Down by USD 10/MT W-o-W

Iranian billet export offers witnessed a downfall in current week. Offers decreased almost by around USD 10/MT W-o-W to around USD 390-400/MT FoB. Last week, billet export offers of Iran were noted to be around USD 400-410/MT FoB.

As per SteelMint's assessment, although the asking price for Iranian billet is noted to be around USD 390-400/MT, but the buying interest is assessed around USD 385/MT.

As per one Iranian source, "One of the major reason for the downfall of billet export offers is the downward trend of scraps and marginal corrections of CIS billet offers. He added, recently a major Iranian exporter has exported 25,000 MT billet to Gulf region at USD 385/MT FoB."

Iran Domestic Billet Offer Rises over IME's New Policy

During week 7 (09-14 Feb'19), Iran market was close four days due to national holidays. Market opened on 12 Feb'19, domestic billet offers were noted to be around IRR 40,610 /KG (USD 469/MT). Prices remained stable on next day. Towards the end of week, billet offers were noted to be around IRR 40,100 (USD 463/MT).

During last week, scrap offers in Iranian domestic market was noted to be around IRR 30,410 - 31,230/KG (USD 351-360/MT). Domestic rebar offers were ranged from IRR 44,590 - 45,360 /KG (USD 515-523/MT).

As per Planner, "Prices are hiking sharply due to new price policy by IME, also currency fluctuations has led to hike in price. Prices are also affected partly due to seasonal demand as well."