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Billet Export Market Weakens With Deals at Lower Prices

Billet Export Market Weakens With Deals at Lower PricesBillet Export Market Weakens With Deals at Lower Prices

Iranian steel billet export prices fell by $5-10 per ton over the week ending Feb. 7 with deals being reported 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.

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.

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