Iranian billet export prices surge in recent deal

Iran's billet export prices have surged in recent export deal with bids being received were at higher levels. As, billet players are aggressively following the uptrend of domestic prices. Whereas, devaluation of Iranian currency, ongoing gas shortage during winter continues to impact production in the domestic market has supported billet prices.

An Iranian steel mill has concluded an export tender for 30,000 tonnes (t) of billets, sources informed. The deal was heard concluded at $500/t FOB. Prices increased by around $8/t against previous deal concluded last week amid shortage of electricity and gas.

Simultaneously, Khouzestan Steel Company (KSC) had floated an export tender of 30,000 t for billet, which is yet to be concluded and the shipment is for the month of April.

Domestic billet, rebar prices uptrend continue amid supportive market sentiments

Iran's domestic billet and rebar prices continued their uptrend amid ex-rate fluctuation, limited DRI production and supply concerns, sources informed BigMint.

Billet sales on IME robust this week

Domestic billet sales inched up 36% w-o-w, while the average sales price on the IME hiked by 3% w-o-w as compared to the previous week.

During the week under review, approximately 185,240 t of billets were traded on the IME at an average sales price of 198,244 rial. In the preceding week, around 136,085 t of billets were traded, with an average price of 192,107 rial.