Iranian billet export prices unchanged in absence of trades

Iran's billet export prices stayed firm this week. According to BigMint's latest assessment, Iran's billet (3SP) export prices remained stable at $510/tonnes (t) FOB on 20 February, 2024.

Furthermore, the Iranian billet export market is silent due to absence of Chinese billet players, resulting in low trade volumes. However, as per sources, an Iranian mill Esfahan Steel Company (ESCO) has floated an export tender of 30,000 t of billet, for mid-May shipment.

Iranian suppliers have shifted their focus more on exporting DRI, due to subdued demand for billet in the global market. Iran's leading mill - Khouzestan Steel Company (KSC) has floated a DRI export tender of 30,000 t early this week. In addition to Iranian DRI and billet producers, the flat steel segment has also experienced the consequences of gas consumption limitations in the domestic market, resulting in a lower supply of these products and higher interest in imports.

Domestic billet price increases, rebar inch down

Iran's domestic billet prices witnessed an increase this week due to improvement in exchange rate. However, rebar prices edged down following low demand for finished steel, sources informed BigMint.

Billet sales on IME record sharp rise this week

Domestic billet sales sharply hike by 99% w-o-w, while the average sales price on the IME remained largely stable w-o-w as compared to the previous week.

During the week under review, approximately 204,648 t of billets were traded on the IME at an average sales price of 202,575 rial. In the preceding week, around 102,575 t of billets were traded, with an average price of 202,369 rial.