The Iranian billet export offers inched up this week.
However, the market awaits billet deals to be concluded at increased offers.
According to SteelMint, this week Iranian billet export assessment stands at
USD 385-390/MT FoB for 3 sp grade, up by USD 5 against last week. The shipment
is scheduled for end Aug-early Sep’19.
The US sanctions are the prime reasons which are
keeping the potential buyers of the country in hesitation. Although, despite
the U.S. sanctions on the country’s metals and minerals sectors Iran's crude
steel output hit 2.235 MnT in May, World Steel Association reported. As per
reports, the country has also established a special working group in the
ministry which is closely assessing the situation and making necessary
arrangements to mitigate the impact of U.S. sanctions.
Also, the global scrap prices have moved up this week
after hike in Turkey scrap prices. SteelMint’s assessment of imported HMS
1&2 (80:20) stands at USD 299/MT, CFR Turkey up, USD 10-12/MT against last
week.
Source: Steel mint