Iranian billet export prices fell sharply due to lower Chinese futures and weak global demand. According to data provided by foreign sources, billet prices in Iran have fallen to their lowest levels in nearly six months.
Price assessment for Iranian billet export (150*150 mm, 3sp, BOF route) is around $600/tonne (ton) FOB, down about $20/ton
This week, no definitive agreement for exports has been made. In addition, mills have refrained from offering materials for export due to lower offers and fluctuating Chinese steel futures contracts.
The Chinese rebar futures contract for January 22 delivery on the Shanghai Futures Exchange closed at RMB 4,169/ton ($653/t) on November 18, down just RMB 47/ton ($7/t).
Domestic billet trading on IME drops further: Domestic billet sales on the Iran Mercantile Exchange (IME) decreased by around 7%, with a 2% drop in average price. According to foreign sources, approximately 105,110 tons of billet was traded in the last week at an average selling price of 136,581 Rials on IME.
Last week, around 113,200 tons of billet was traded on IME with an average selling price of 139,227 Rials.
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