Iranian billet prices slide, set to weaken further

Thursday, 04 April 2024 16:50:49 (GMT+3)   |   Istanbul
       

Following the Iranian New Year holiday, a couple of Iranian mills have succeeded in closing their tenders for billet, with prices declining as expected. Moreover, some additional decline is anticipated, given the generally negative global market trend and buyers’ low bids.

According to sources, the latest billet sale, for 15,000 mt, has been concluded this week by Sirjan Jahan Steel Company at $477/mt FOB, for May shipment, while some bids were even below $470/mt FOB. The cargo is expected to be directed to the GCC market. Prior to that, Khouzestan Steel Company is reported to have sold 30,000 mt of billet at $483/mt FOB, although some market players considered this price level exaggerated even at the time. During the tender, some bids were reported at $475-480/mt FOB for billet and $465-470/mt FOB for slab, SteelObis has learned.

Given the seasonally weak market in the GCC and declining billet prices in Asia and Turkey, most market players expect ex-Iran billet prices to move down further. “Apparently, the new billet bids are at low levels, so it seems there is either no sale or there were sales with no announcements. But the logical level in my point of view is now lower than $475/mt FOB,” a market source told SteelOrbis.

In addition, there are export offers for induction furnace billet from Iran at $450/mt FCA border and at slightly below $465/mt FOB Bandar Abbas.


Similar articles

Local Indian rebar prices under pressure amid sluggish post-holiday trade

05 Nov | Longs and Billet

Global View on Billet: Asian market shows some signs of increases, but weak scrap impact

01 Nov | Longs and Billet

Turkish buyers insist on lower billet prices, successful only for small tonnages

31 Oct | Longs and Billet

Import billet prices in SE Asia up slightly as traders not eager to offer in short positions

31 Oct | Longs and Billet

Ex-Asia billet pricing lacks direction amid tentative optimism in China, rare deals with discounts

30 Oct | Longs and Billet

Indian local rebar and billet markets remain sluggish, prices down $6-20/mt weekly

29 Oct | Longs and Billet

ArcelorMittal Kryvyi Rih produces 16 million mt of billets since launch of CCM complex

28 Oct | Steel News

Global View on Billet: Prices fluctuate in limited range, mood among buyers still quite depressed

25 Oct | Longs and Billet

SE Asian billet importers wait for further fall due to negativity in China

24 Oct | Longs and Billet

Turkey's Kardemir cuts local billet offers, import price changes yet to be seen

24 Oct | Longs and Billet