Billet Export Market Weakens With Deals at Lower Prices

Metal Bulletin’s weekly price assessment for Iranian billet exports was $485-495 per ton FOB on Feb. 7, against $489-505 per ton FOB a week earlier.

Market participants reported a cargo of Khouzestan Steel Company’s billet being sold at $485 per ton FOB on Feb. 1 and another cargo at $489 per ton FOB early this week.

But the supplier denied this, alleging that the prices mentioned were too low and that negotiations were taking place at $495 per ton FOB, according to Financial Tribune.

One source said a deal for KSC billet was concluded at $495 per ton FOB on Feb. 6.

“The billet market pushed up a bit [on Feb. 5 after weakening in the preceding days] amid low inventories of the product at re-rolling mills in the overseas markets,” a source told Metal Bulletin on Feb. 6.

There were two other Iranian billet cargoes heard sold, to several Arab countries bordering the Persian Gulf and to Southeast Asia, at $486-493 per ton FOB.

Metal Bulletin’s Iranian export slab price assessment widened by $5 per ton on the lower end to $505-510 per ton FOB on Feb. 7, with some deals heard concluded at lower prices.

KSC sold a cargo of slabs at $505 per ton FOB, while compatriot Mobarakeh Steel Company and its subsidiary Hormozgan Steel Company sold several cargoes at $510 per ton FOB. 

Bookings were reported done with customers in Italy and Morocco.