Ready stock CIS billet has been experiencing greater price fluctuation in recent days due to the June 12 presidential election and the resulting political tension. Before the election, ready stock CIS billet of 100 x 100 mm to 150 x 150 mm sizes had stood at a price level of $410-435/mt and was even higher in early June. Now, however, local traders are offering billet of these sizes at $380-415/mt ex-stock Iranian northern ports, though there are not any takers for the material at that price. The reason for this state of affairs is reported to be the nervousness of buyers given the current political situation in the country
In fact, at present neither sellers nor buyers are interested in concluding transactions, as they prefer to wait and see what will happen in the coming days. Most buyers who need to meet current orders purchase the minimum amounts to satisfy their requirements.
According to the Iranian customs authorities, Iran imported about 3.8 million mt of semi-finished steel (mainly billet) in the last Iranian year (21.03.2008-20.03.2009), down from 4.13 million mt in the previous year.