Iranian billet suppliers have been trying to keep their prices stable, but low demand from China and Southeast Asia, which were supporting prices earlier, have started to exert pressure. Most offers from Iranian mills are still at $415/mt FOB, but the majority of customers have been bidding at $400-405/mt FOB, which is too low for the mills.
A deal for 30,000 mt of billet from Iran has been reported at $410/mt FOB for October-November shipment with the Middle East as the targeted sales destination, sources have said.
A tender for Iranian billet to Southeast Asia was closed about two weeks ago at $415/mt FOB, as reported earlier, and no new bookings have been heard so far. Moreover, customers in China are still almost absent and rare bids for imported billet have been heard at $430/mt CFR and below, which translates to $400/mt FOB maximum. Iranian suppliers are waiting for a revival of demand in Asia after the long holiday in China on October 1-8.