Mining News - Metal Bulletin’s weekly price assessment for Iranian billet exports was $480-500 per ton FOB on May 2, against $495-505 per ton FOB a week earlier.

Recent bookings of Iranian billet were reported for around $500 per ton FOB to customers from the (Persian) Gulf Cooperation Council countries and Africa.

Offers from Iranian mills remained largely unchanged over the week, varying within the range of $500-505 per ton FOB, but bids from potential customers did not exceed $480 per ton FOB.

“Billet prices are very unstable. We do not see any reason to buy billets at any price above $495 per ton CFR,” a customer in the UAE told Metal Bulletin.

The reaction of Iranian mills will become clearer later this week because on Wednesday, the market was celebrating a religious holiday.

In the slab market, Metal Bulletin’s weekly price assessment for Iranian exports was $520-535 per ton FOB on May 2, against $495-505 per ton FOB a week earlier.

Recent slab offers from Iranian mills were reported by market participants at $535-540 per ton FOB.

A 40,000-ton cargo was reported booked by customers in Thailand at $550 per ton CFR, equivalent to $520-525 per ton FOB, considering a freight cost of $25 per ton and $5 per ton operational costs.