Iran Billet Export Trades Remains Slow Amid Holidays

This week Iranian billet export market remained slow amid semi holiday week, on account of Martyrdom of Imam Reza. However, billet export offers from the country increased marginally towards end of the last week. SteelMint assessment for Iranian billet are standing at USD 350-355/MT, FoB Iran, up USD 5/MT against last week.

According to SteelMint analysis, increasing Turkey’s imported scrap prices have lead to increase in global billet offers which was being supported by the supply tightness in the CIS region, which in turn has increased the offers from the region by USD 10-15/MT.

In the recent deal concluded yesterday to Turkey, the assessment of European origin HMS 1&2 (80:20) now stands at around USD 248/MT, CFR Turkey.

According to World Steel Association, Iranian steel mills booked a Y-o-Y growth of 6% during Jan-Sep’19 by producing a total of 19.31 MnT of crude steel. The country's Sep’19 output grew to 6.7% Y-o-Y to hit 2.13 MnT, Brussels-based international trade body for the iron and steel industry reported.