EghtesadOnline: Buying activity in the Iranian export market for steel billet was muted in the week that ended on April 11 amid reduced demand for finished steel products in customers’ markets as well as expectations of further price decreases in the near term.
Metal Bulletin’s weekly price assessment for Iranian billet exports fell to $495-505 per ton FOB on April 11, from the previous range of $500-515 per ton FOB.
Offers of billet from Iranian mills were reported within the range of $500-510 per ton FOB, depending on the supplier and the prepayment percentage.
But customers were ready to pay only $495-505 per ton FOB, depending on the mill, Financial Tribune reported.
No confirmed bookings were reported as of Wednesday.
A 20,000-ton cargo of wire rod-grade billet was heard sold to Indonesia within the range of $525-530 per ton CFR.
Most market participants said this price was too low, however, considering the $25 per ton cost of freight to the destination and the fact that wire rod-grade material is at least $5 per ton more expensive than rebar-grade.
The price assessment for Iranian export steel slab narrowed to $535-540 per ton FOB on April 11, against $530-550 per ton FOB last week.
The assessment range reflected recent bookings of May-rolling billet by Iranian mills over the past couple of weeks.
New tenders will be announced in the second half of April.