As expected, amid the accelerating downtrend in the global steel market Iran-based steel billet exporters have been forced to accept lower prices in order to secure an order. Specifically, Iranian steel mill Khouzestan Steel Company is reported to have closed its export tender for 40,000-50,000 mt of steel billet, for delivery at the end of August, at $530/mt FOB, down $10-20/mt from SteelOrbis’ previous price assessment for ex-Iran steel billet.
Having faced certain hardships to export billet at competitive prices within recent weeks, Iranian steel mills are said to have been more focused on sales to the domestic market. Specifically, as SteelOrbis reported earlier, Chadormalu Mining and Industrial Company declined to sell billet abroad, being unsatisfied with the highest bid at $532/mt FOB for its 30,000 mt cargo of steel billet, for delivery at the beginning of July.