With most market players in Iran still remaining out of the market due to the Persian New Year (Nowruz) celebration which started on March 21, ex-Iran steel billet trading appears to have stalled. “Due to the public holidays, there is still no business. Some market players have voiced their target prices, but they all are indicative. We will start working, practically speaking, on Monday [April 3],” an Iranian source stated.
In the meantime, this week indications for ex-Iran billet from sellers have been voiced at $550-565/mt FOB BIK, depending on the quantity and size compared to $565-570/mt FOB BIK levels a week ago. “Sellers would be glad to sell at $550/mt FOB, but given the current sentiments in the global steel market I prefer to wait for lower prices, and I am sure I am not the only one,” an international trader commented.
With counter bids being voiced not higher than $540/mt FOB BIK and taking into account the increasing bearishness among market players, SteelOrbis has moved its reference prices for ex-Iran steel billet to $540-550/mt FOB BIK this week.