Iran Domestic Billet Offers Up by USD 15/MT W-o-W
Iranian domestic billet offers has risen sharply last week by USD 15-18/MT W-o-W mainly because of increase in demand from re-rolling industry and increase in exchange rate.
Iranian domestic billet offers has risen sharply last week by USD 15-18/MT W-o-W mainly because of increase in demand from re-rolling industry and increase in exchange rate.
According to SteelMint assessment, during the beginning of week 8 (16-21 Feb’19) domestic billet offers were noted to be around IRR 40,300/KG (USD 468/MT). Offers went down on the next day to IRR 39,240/KG (USD 456/MT). Towards the mid of last week domestic offers of billet rose to IRR 41,550/MT (USD 482/MT) and remained stable till end of last week.
As per Planner, “Market is going up, partly due to seasonal demand and partly due to export by traders from domestic market. USD has been rising during the past 2 weeks. It is speculated that domestic offers would rise further after Nowrooz”.
IR Steel quoted, “Billet price has been upward due to continuous export of billet from Iran and increasing exchange rate. Some re rollers have to buy billet for producing long products which has pre sold it before.”
During last week, scrap offers in Iranian domestic market was noted to be around IRR 31,320 – 31,610/KG (USD 364-367/MT). Domestic rebar offers were ranged from IRR 44,520 - 47,060 /KG (USD 517-556/MT).
Major Steel Mills Offered Billet in IME
1 - South Kaveh Steel Company offered and sold 10,000 MT 5 SP bloom on 17 Feb’19 against the demand of 48,000 MT in IME at IRR 35,960/KG (USD 418/MT) excluding 9% VAT.
2 - South Kaveh Steel Company offered and sold 3000 MT 5 SP bloom on 17 Feb’19 against the demand of 14,500 MT in IME at IRR 35,770/KG (USD 415/MT) excluding 9% VAT.
3 - Khouzestan Steel Company offered and sold 30,000 MT 5 SP bloom on 18 Feb’19 against the demand of 119,000 MT in IME at IRR 38,516/KG (USD 447/MT) excluding 9% VAT.
4 - Arfa Iron and Steel Company offered and sold 7500 MT 5 SP bloom on 20 Feb’19 against the demand of 22,000 MT in IME at IRR 38,321/KG (USD 445/MT) excluding 9% VAT.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
