Global sentiment in the billet market remains cautious for now, though there is some hope for a rebound due to the positive Turkish scrap market situation. For now, most sellers, including Iranian sellers, are still under pressure since buyers are generally trying to see if the trend is sustainable.
As a result, one of the Iranian mills has recently traded a 30,000 mt billet cargo at $473/mt FOB, which is in line with the lower end of the general price range last week. The lowest bids, however, have been reported at $460/mt FOB.
In Asian markets, the most recent indications for ex-Iran position cargoes have been reported at $535/mt CFR Thailand with a minimum $40-45/mt freight rate for large cargoes. In the GCC, the latest discussions have been at around $510-515/mt CFR, versus buyers’ bids at $500/mt CFR and below.