Iranian billet export prices drop w-o-w in recent deal

The Iranian billet export market recorded tender conclusions this week. However, the tenders were concluded at lower levels, pressuring billet prices to fall this week. Notably, absence of active export tenders were witnessed in global markets.

An Iranian steel mill concluded an export tender for 30,000 tonnes (t) of billets for September shipment. The deal was heard sealed at $460-470/t FOB. Prices have fallen by $10/t w-o-w. Iran's semi-finished steel exports in the first three months of the current Persian year (21 March -20 June, 2024) stood at 1.57 mnt, a decrease of 26% compared to the same period last year, as per Petrometals.

According to BigMint's latest assessment, Iran's billet (3SP) export prices inched down by $8/t w-o-w to $470/t FOB on 31 July, 2024.

Domestic billet, rebar prices firm amid supply concerns

Iran's domestic billet prices rose amid supply concerns due to ongoing power cuts. Rebar prices also rose on the back of the increase in billet prices, sources informed BigMint.

Billet sales on IME increase w-o-w

Domestic billet sales on the Iran Mercantile Exchange (IME) surged 126% w-o-w, while the average sales price on the exchange remained largely stable as compared to the previous week.

During the week under review, approximately 70,525 t of billets were traded on the IME at an average sales price of 226,390 rial. In the preceding week, around 31,100 t of billets were traded, at an average price of 228,016 rial.