Iran Billet Export Offers Soften Amid No Trades

This was the consecutive week of the month in which the country witnessed no trades. The billet export offers from the country also got soften to USD 380-385/MT, FoB, down USD 5/MT against last week. The prime reason for the trade silence in the country is dipping raw material prices.

Another reason for Iranian market reticence is falling Turkey’s imported scrap prices. SteelMint’s assessment of US-origin HMS 1&2 (80:20) scrap has inched down to USD 282-283/MT, CFR Turkey against the last week report of USD 285-287/MT, CFR. While assessment of European origin HMS 1&2 (80:20) currently stands at USD 276-278/MT, CFR Turkey.

A total of 6.86 MnT of ingot, bloom and billet were produced by Iran during the four months under review, up 4% Y-o-Y. As for output during the month ending 22 Jul’19, a total of 1.64 MnT of slab, bloom, billet and ingot were produced to register a 9% growth Y-o-Y.