EghtesadOnline: Iran has shown more activity in the semi-finished product trade over the past week, amid a generally positive mood.
Offers for billet from Iran were heard by Metal Bulletin reporters in Turkey, the UAE, Egypt, Indonesia and Thailand.
The mood in the billet market was expected to remain positive due to a rise in Turkish imported scrap prices, firmer demand in the Chinese domestic billet market and the reduced supply of material from the Commonwealth of Independent States region.
Metal Bulletin’s daily ferrous scrap index for US-origin HMS 1&2 (80:20) rose by $4.36 over the week to $277.64 per ton CFR Turkey on active bookings, Financial Tribune reported.
Iranian billet exporters are gaining a foothold in the global market, offering material at attractive prices compared with those from the CIS and China.
One Chinese trader had heard offers from Iran as low as $380-385 per ton FOB southern ports, which would be equivalent to $400-405 per ton CFR Thailand or $410 per ton CFR Indonesia.
A trader in Bangkok said there were indications of Iranian cargoes being available at prices as low as $395 per ton CFR, but there was no information about bookings.
In Turkey, recent offers from Iran were heard at $410 per ton CFR and in Egypt at $415 per ton CFR.
In the UAE, Iranian material was heard on offer at $400-410 per ton CFR this week. Unconfirmed offers at $385-390 per ton CFR were also heard.
No major deals were reported, however, because of the slowdown of activity in the country.