Iranian export billet prices pick up as buyers try to avoid new US sanctions [UPDATED]
Iranian export steel billet prices picked up in the week ended Wednesday May 23 because of the limited volumes of material available for shipment before August, when renewed trading sanctions are expected to be enforced on the country by the United States.
The US withdrew from an international deal on Iran’s nuclear power industry on May 8
, and has said that it will reimpose its trading sanctions against the Middle Eastern country.
Recent bookings of Iranian billet for shipment in late July were done within the range of $500-505 per tonne fob. A total of 300,000...