Iranian billet prices surge in recent deal

The Iranian billet export market recorded billet export tender conclusion. The export tender was concluded at higher levels influencing billet prices to rise this week. However, active export tender was absent in the global market.

An Iranian mill has concluded an export tender of 30,000 tonnes (t) of billets. The deal was heard concluded at $482/t FOB for July 2024 shipment, sources informed BigMint. Prices have increased by around $4/t as against previous deal concluded in mid-May. Iran's billets and blooms exports in one month of current Persian year totalled 0.33 mnt, down by 21% y-o-y.

According to BigMint's latest assessment, Iran's billet (3SP) export prices inched up by $4/t w-o-w to $482/t FOB on 12 June, 2024.

Domestic steel billet, rebar prices rebound on positive market sentiments

Iran's domestic billet and rebar prices increased ahead of the approaching presidential election due to a hike in export prices and supply concerns stemming from electricity shortages during the summer, sources informed BigMint.

Billet sales on IME fall this week

Domestic billet sales on the Iran Mercantile Exchange (IME) lowered by 28% 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 126,085 t of billets were traded on the IME at an average sales price of 212,104 rial. In the preceding week, around 176,100 t of billets were traded, at an average price of 205,293 rial.