Square billet prices from Iran have remained relatively stable as compared to earlier this week, while sales are moving slowly. Some new tonnage has been sold to traders and it will most probably be directed to buyers in the GCC. However, some negotiations in Asia and the Mediterranean region are also continuing.
According to sources, a 10,000 mt billet lot for December shipment has been booked at $465/mt FOB, while a previous similar lot, from another producer, was traded at $462/mt FOB. Still, the first-tier mills are still expected to be able to achieve sales at close to $465-470/mt FOB.
Buyers report there are some offers to the GCC region for the earlier-booked positions, to the UAE and Oman as is traditional. The offer levels are mainly at around $490-495/mt CFR and with estimated freight of $15/mt. In Asia, the billet price indications from Iran to Asia are at $510-515/mt CFR with no takers reported yet. Some of the indications to Turkey and Egypt have been reported at up to $515-520/mt CFR. However, buyers’ price ideas in Turkey are below $500/mt CFR.