Iran: Domestic Billet Prices Decreases on Low Demand

According to Mining News Pro -Iran, one of the largest billet exporter in MENA region has exported 1,790,224 MT billet and bloom during the first five months of current Persian year (21-Mar till 22-Aug’18). As per the data released by Iranian Customs, export of billet during the period was reportedly up by 42% Y-o-Y against 1,258,094 MT during the same period of last Persian year. GCC and Far East Asia was the major destination for Iranian billet.

As per SteelMint’s assessment, during the beginning of week 41 (06 Oct- 11 Oct’18) billet was traded at around IRR 37,690 (USD 897/MT). On Sunday, the domestic billet prices were noted to be around IRR 38,060/KG (USD 906/MT). During the mid-week the prices were around IRR 37,650- 37,920/KG (USD 896-903/MT). Towards the end of the week domestic billet price were noted to be around IRR 38,310/KG (USD 912/MT).

According to Planner “Market is actually calm considering the USD depreciation and no clear uptrend is seen in the prices.”

IFNAA quoted “Billet demand level was at the bottom in Iran and transportation problems continued last week and affected long products demand too. Therefore, lower demand in billet market was not something strange.”

Quantity in IRR/KG
Source: Planner

South Kaveh Steel Sold Billet at IME

South Kaveh Steel Company sold 10,000 MT billet against the demand of 17,000 MT at IME on 14 Oct’18 at IRR 33,224/KG (USD 791/MT).