Iranian billet export prices stable w-o-w

Iranian billet export prices remained stable this week. The market witnessed an active export tender, and is awaiting its conclusion for price clarity. Notably, billet exporters have currently shifted their interest to DRI due to subdued demand in the export market which is expected to impact production volumes.

However, Iranian steel mill KSC has floated an export tender for 20,000 tonnes (t) of billets and 50,000 t slab for mid-October shipment.

According to BigMint's latest assessment, Iran's billet (3SP) export prices remained stable at $470/t FOB on 6 August, 2024.

Steel production inches up y-o-y

Iran's semi-finished steel production in the first four months of the current Persian Year (21 March, 2024-20 July, 2024) stood at 11.03 million tonnes (mnt), showing a marginal decrease of 4% compared to the same period of last year, according to recent data released by Petrometals. Out of the total volume, production of billets and blooms were recorded at 6.80 mnt, down by 5% y-o-y, while slab output dropped slightly by 1% y-o-y to 4.23 mnt.

Domestic billet, rebar prices firm amid power cuts

Iran's domestic billet and rebar prices stood stable this week due to electricity concerns. Demand and supply will remain at minimum levels until power cut issues are resolved and normalcy is restored, sources informed BigMint.