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.
Central India based pellet maker - Godawari Power & Ispat has recently concluded pellet export deal to China, SteelMint learned. Deal for 50,000 MT iron ore pellets (Fe 64%, less than 2% Al) has been concluded at around USD 133-134/MT, CFR China (equivalent to USD 123-124/MT, FoB India). The cargo is likely to be shipped in Jul'19.
State-run Vizag Steel also known as Rashtriya Ispat Nigam Ltd (RINL) has concluded its Wire Rod & Billet Export tender to Nepal.
Iran traded 903,607 tons of non-oil commodities worth $568.38 million with the UAE during the first Iranian month (March 21-April 20), registering a 32.7% and 34.15% decline in tonnage and value respectively compared with the year before, latest data released by the Islamic Republic of Iran Customs Administration show.
Russia is willing to step in to help Iran export its oil while the country is struggling to keep the oil flowing due to the new US sanctions.
Ferro Chrome prices have hit the bottom amid low demand in the domestic and global market as well. Prices for Ferro Chrome are falling aggressively amid bearish market sentiments.
MMTC- India’s largest and state-owned trading house, has floated export tender of 30,000 MT non-alloy Pig Iron on behalf of Neelachal Ispat Nigam Limited (NINL). The material offered has specification - C: 3.6-4.3%; Si: up to 1.24%; Mn < 1%, S: 0.05% max; P: 0.15% Max. The due date for submission of bids is 14:30 hrs on 02 Jul’19.