Iranian Billet Export Offer Inches Down Further by USD 10

Iranian billet export offer continues to fall from last few weeks. Offers decreased by around USD 10/MT W-o-W to around USD 365-370/MT FoB. Last week, billet export offers of Iran were noted to be around USD 370-380/MT FoB.

As per SteelMint's assessment, recently one of a big Iranian steelmaker has exported around 20,000 MT billet at USD 370-375/MT FoB Bandar Abbas to South East Asia. As per one of the Iranian based trader, another Iranian steelmaker has exported 40,000 MT billet to Thailand recently at USD 410-420/MT CFR Thailand.

Iran Domestic Market Billet Offers Increase Last Week

According to SteelMint assessment, during the beginning of last week (05 Jan'18- 10 Jan'19), domestic billet offers were noted to be around IRR 31,000 /KG (USD 738/MT). Billet offers remained almost stable over the next day with offers noted to be around IRR 30,950/KG (USD 737/MT). During the mid of last week domestic billet offers went up to around IRR 30,300 - 30,550/KG (USD 721-727/MT). Towards the end of last week offers again came down to IRR 30,000/KG (USD 714/MT).

South East Asia Emerges as the Major Destination for Iranian Billet Exports

As per Iranian Customs, Thailand was the largest importer of Iranian billet in CY'18, the nation imported 1.37 MnT billet from Iran during the period. Export to Thailand registered a growth of 10% Y-o-Y despite US sanctions owing to which the nation decreased its import from Iran.

Indonesia was the second largest importer of Iranian billet, the nation imported 1.09 MnT billet from Iran in CY'18. Export to Indonesia increased by more than 100% Y-o-Y amidst US sanctions.

Other major importers includes UAE (1.05 MnT), Egypt (0.67 MnT) and Oman (0.40 MnT).