Iran's billet export prices under pressure on weak market sentiment

Iran's billet export market remained subdued this week and mills are likely to conclude the ongoing tenders at lower price levels, SteelMint notes. Offers have weakened due to soft demand and exporters are preferring to wait for response from buyers. Afra Iron and Steel company has floated an export tender for 30,000 t of billets but is not confident about the price.

Earlier this week, an Iranian steel mill concluded an export tender for 30,000 t of billets, sources informed. The deal was heard concluded at $475/t FOB and the shipment is scheduled for December to Southeast Asia. However, the current bid price is around $470/t FOB.

Domestic billet, rebar prices fall

Iran's domestic billet prices witnessed a decline amid government interference to reduce prices. Meanwhile, weak demand and an expectation of decline in DRI prices weighed on rebar prices too, sources informed.

Billet sales on IME fall

Domestic billet sales and average sales price on the Iran Mercantile Exchange (IME) recorded a marginal drop this week.

Around 113,450 t of billets were traded on the IME in the week under review at an average sales price of 186,817 rial. Last week, about 121,130 t of billets were traded at an average price of 191,849 rial.