Iranian Billet Export Offers Stable; Bids Drop

The Iranian billet export market remained quiet so far in this week as well. However, billet export offers from the country are standing still at USD 375-380/MT, FoB identical as last week.

Although, SteelMint sources reported, a major Iranian mill is under negotiations for an export deal. However, the buying interest is at slightly underneath USD 370/MT, FoB. Although, Iranian marketers are resisting the further price decrease and are in no rush to close new deals at this price levels as majority of the Iranian mills are booked till Oct'19.

The disparity between buying interest and offers is created by the Indian origin billets which are conveniently competing with the Iranian billets in SE Asia. SteelMint further learnt, Iran could face strong competition from India as the Indian marketers have upturned their interest towards SE Asia amid dull domestic demand and increased inventories. Also the marketers believe they can conveniently match the prices with Iranian billets.

Global scrap prices plunge by around USD 15/MT - Turkey imported scrap prices down by around USD 15/MT. UK origin HMS (80:20) is at USD 250/MT, CFR Turkey.