IRON and STEEL
Due to festivity of Eid across the globe, the Iranian billet export market was reported dull sentiments this week. However, in recent, one of the leading billet producer of the country offered 30,000 MT billets at USD 390/MT FoB. The shipment is scheduled for end Jun’19.
The sentiments are expected to get weaken after the holidays. The clues can be witnessed by some Aug’19 shipment offers.
In recent some of the billet producers of the country have floated the offers at USD 380/MT FoB, for August sources reported to SteelMint.
According to SteelMint’s assessment, the prime reason expected for weakening the trade sentiments after Eid holidays is Turkey’s scrap import prices. Last week, Turkey’s scrap import prices fell down by USD 8-10/MT and is expected to witness more downfall after the holidays, which in turn will affect the billet market sentiments.
Imported scrap prices in Turkey have inched down in absence of trades. SteelMint’s assessment for US origin HMS (80:20) is at USD 304/MT, CFR.