CIS billet suppliers drop prices for Iranian market

CIS suppliers have strongly reduced their billet offers to Iran in the last two weeks. Current price level is at $430-440/mt CFR Iranian northern ports for December production and delivery in January next year, down from $460-465/mt two weeks ago. At present, there is a sea freight charge of about $20-25/mt for shipment from Astarakhan (Russian port in the northern Caspian Sea) to Anzali (Iranian port in the southern Caspian Sea); however, with the approach of winter the sea freight charge in question is likely to see a considerable hike.