Iranian Mills Cut Billet Export Offers

Iranian billet export market sentiments softened this week after the market resumed from Eid holidays. As expected, this week market sentiments were reported barely weak, the recent billet export offers says all. According to SteelMint sources, this week country's billet export offers were reported to be USD 375/MT FoB, Iran for August shipments. Offers are expected to move down further in near short term.

According to SteelMint's assessment, the US sanctions and falling Turkey's scrap import prices are commanding the Iran's billet export market sentiments. Turkey's scrap import prices drop down by USD 9-10/ MT against last week and some SE Asian countries have started following US sanctions actively. This doublet has weakened the trade sentiments in Iran.

SteelMint's assessment for US origin HMS (80:20) scrap to Turkey is USD 293 /MT, CFR against USD 304/MT, CFR a week back