Turkey continues to sell billet to Iran

Demand continues to come from Iran for ex-Turkey billet. This demand from Iran had appeared when prices started to go down in Turkey and has contributed to creating a positive atmosphere in the Turkish long steel market. Iran's demand for Turkey origin billet is also boosted by the proximity of the countries and by the availability of the option of using letters of credit when buying Turkish billet. Meanwhile, the latest billet transactions from Turkey to Iran have been concluded at the level of $605/mt ex-works for advance payment and for prompt shipment, while deals for September shipments have been standing at $610-615/mt FOB via letter of credit.