Iranian steel billet producers managed to achieve higher prices in the most recent round of sales, supported by the bullish mood in the global market and strong domestic demand.
Fastmarkets weekly price assessment for steel billet, export, fob ports Iran, was $392-395 per tonne on Wednesday August 5, against $۳۸۸-۳۹۲ per tonne a week earlier.
Market participants reported sales from mills to traders for October shipment within the range of $392-395 per tonne fob this week, against $392 per tonne fob southern Iranian ports a week earlier.
Given these conditions, traders increased their offers to foreign customers too, particularly those in Asia, which is currently the principal destination for Iranian semi-finished steel products, specifically China.
*** Iranian billet in China
The latest bookings of Iranian billet by traders in China were reported done around $415 per tonne cfr last week (equivalent to $385-390 per tonne fob southern Iranian ports).
Meanwhile, new offers from traders varied within the range of $422-430 per tonne cfr China (equivalent to $397-400 per tonne fob), while bids were heard mainly at $415 per tonne cfr ($385 per tonne fob). No fresh sales had been heard at the time of publication, however.
In Southeast Asia, Iranian billet from traders was reported to be available at $425 per tonne cfr ($395-400 per tonne fob). One cargo was heard booked in Thailand at $415 per tonne cfr ($385-390 per tonne fob).
*** prices from Iranian mills would not be profitable
A source on the traders’ side said that it could only be a sale of material taken earlier in position, because the current prices from Iranian mills would not be profitable for traders.
“Local Iranian demand seems to increase every day, so there is no chance for export prices to stabilize,” another trader said.
Recent sales of billet on the Iran Mercantile Exchange were heard at 76-82 million rials per tonne, or $411-444 per tonne ex-works, according to the current Nima rate. Nima is the Persian acronym for an online currency system launched by the Central Bank of the Islamic Republic of Iran (CBI) in April 2018, a market where Iranian exporters can sell their foreign currency earnings for Iranian rials. It operates alongside the official exchange rate and the unregulated free-market rate. The Nima rate was 184,933 rials to $1 on August 5, according to exchange-rate website sanarate.ir.
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