Iran Billet Export Offers Soften on Limited Trades
After observing deals in past few weeks, this week left the Iranian billet market sentiments softened. SteelMint’s current Iran’s billet export assessment stands at USD 385-390/MT, FoB, down by USD 5/MT against last week’s assessment of USD 390-395/MT, FoB.
However, one of the prime billet producers in Iran has floated a billet export tender. The company is expecting to get around USD 385-390/MT for the deal. The tender is expected to get concluded by end of this week.
The prime reason for this sluggish week is; the market is mostly under pressure from trade war between China and the US. Marketers are afraid that this could lead to recession and assets are mostly into safe haven like gold and bonds. Iron ore prices have dropped by USD 20 in last one week.
Also, the Chinese local billet prices have come down , which has now turned the interest of Chinese billet consumers towards domestic purchase. Chinese domestic billet prices in Tangshan are assessed around RMB 3,560/MT (including VAT).
source: SteelMint
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