Prices on the Iranian steel billet export market are falling. The supply was reduced as a result of the decline in scrap prices globally and the export tax on billets.
Steel billet prices consequently decreased by $10/t week over week to $463/t FOB. KSC (Khouzestan Steel Company) has entered into agreements to export about 30,000 tons of billets at $463/t FOB for shipment in October. ESCO (Esfahan Steel Company) will export 30,000 tons of billets at a price of $465/t FOB.
Prices for imported billets in Southeast Asia remained under pressure last week due to limited transaction activity. The cost of billets, imported by the Philippines, remained in the range of $515-520/t CFR Manila. Vietnam's export offers for billets decreased by $5/t compared to the previous week, reaching $510/t FOB. Prices for imported billets in Thailand remained stable compared to the previous week at $520/t CFR.
The trade of Indian billets remained limited due to disparities in supply. Indian mills were targeting a level above $500/t FOB. However, the actual supply levels were observed around $470-480/t FOB.
Chinese billet prices have been increasing from week to week. Domestic billet prices in the city of Tangshan decreased by 34 yuan ($4.74/t) compared to the previous week, reaching 3,616 yuan ($504/t) on August 4th, including 13% VAT.
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