Ex-Iran billet prices have continued to increase in line with the ongoing uptrend in the global market, being mainly underpinned by solid demand in Asia. According to sources, traders succeeded in achieving $440-445/mt FOB in the most recent bookings. The CFR prices are estimated to be at $472-477/mt CFR, with freight being assessed at $32/mt. As SteelOrbis reported earlier, the latest tender for 30,000 mt of ex-Iran billet was closed at $438/mt FOB BIK last week.
The tradable price value for non-Iran billet in Southeast Asia has reached $490/mt CFR Manila recently and it is possible that some customers from Indonesia or Thailand may accept $480/mt CFR from Iran shortly.
The bullishness of CIS-based billet exporters has also supported ex-Iran billet prices. According to SteelOrbis, the recent tradable level for ex-CIS billet has exceeded $470/mt FOB and offers from some mills have skyrocketed to $490-500/mt FOB.
In the meantime, Iran-based producers have largely taken a wait-and-see stance, aiming to take advantage of current developments.