Iran Billet Export Offers Soften In Recent Deal

The dullness in the Iranian market continued for this week as well, market sentiments have remained marginally down with limited trades being witnessed this week. Imposition of sanctions from US on Iran is dampening the market sentiments.

According to SteelMint’s assessment, Iran billet export offers this week were reported to be USD 380-385/MT, FoB down by USD 5/MT from last week. According to sources, an export deal of 160,000 MT billet has been concluded for which shipment is scheduled in Jul’19 to South East Asia and North Africa. The trade price of the shipment was reported to be USD 380/MT, FoB.

Another reason that has weakened global billet market is Turkey’s shifting interest towards South East Asian countries for export which has gained intensity this week. Billet export prices from Turkey were reported at around USD 410-420/MT FOB.

The sentiments are weak due to declining prices in global scrap market. Imported scrap prices in Turkey have come down further this week. In a month’s time Turkish imported scrap prices have fallen by USD 25/MT and is currently assessed at USD 285-286/MT, CFR for US origin HMS (80:20) The expected increase in USD is another factor, which could come into play to impact the Iranian billet export market.