Iranian Billet Export Prices Fall in Recent Deal

This week Iranian billet export market sentiments were reported weak. Current billet export offers from the country are standing at USD 355-360/MT, FoB. However, one of the leading billet producers of the country had floated a billet export tender last week. If sources are to be believed, the company has concluded the tender at USD 360/MT, FoB. The tender quantity was reported to be 40,000 MT and the material is likely to be shipped to Far East

SteelMint analyzed the reasons for falling billet prices in the country and learnt, Turkish imported scrap prices have moved down further this week. With the continued low demand of Turkish finished steel and the resultant production cuts by mills, many steelmakers have been pressurizing global suppliers of imported scrap and hence the billet producers to accept their lower bids. Another reason for dull billet market sentiment is slowdown in the global economy.

As per SteelMint's assessment, US-origin HMS 1&2 (80:20) scrap has moved down to USD 244/MT, CFR Turkey. Prices have moved down further by around USD 10-11/MT against last week's report, while in comparison to the last booking reported, the fall in prices is around USD 8/MT.