Iran's billet export prices remain range-bound w-o-w

Iran's semi-finished steel export market has opted for wait-n-watch mode on mixed market sentiments. Billet producers are waiting to reopen the market post-China's Golden week holiday to watch the trend in the market. Movement in the market is noticed, some billet export tender concluded in the region.

SteelMint noted, that one of the Iran's leading steel mills, has concluded a 30,000 t of an export tender for billet at $475/t. In another deal heard, 30,000 t of billet export deal was concluded at $476/t FOB. The shipment is scheduled on end-November.

Iran's finished steel exports in the first six months of the current Persian year (21 March-20 September, 2023) stood at 1.53 million tonnes (mnt), registering an 8% growth compared to the same period of last year, according to data from the Iranian Steel Producers Association (ISPA).

Exports of semi-finished steel products totalled 3.69 mnt, a rise of 26% y-o-y. Out of the total volume, billets and blooms accounted for 2.59 mnt, a y-o-y increase of 18% while slab exports rose significantly by 48% to 1.10 mnt.

Domestic billet, rebar prices fall

Domestic billet and rebar prices in Iran continued to head south amid weak demand, sources informed.

Billet sales on IME decreases

Domestic billet sales on the Iran Mercantile Exchange (IME) dropped by 15 % w-o-w, and the average sales price was recorded at slightly down levels.

Around 122,730 t of billets were traded on the IME in the week under review at an average sales price of 192,490 rial. Last week, about 144,200 t of billets were traded at an average price of 194,841 rial.