Iranian export billet prices increase on reduced availability

Iranian export billet prices increased by $5-10 per tonne over the week ended Wednesday July 11 because the availability of material in the market tightened, Metal Bulletin has heard.

One of the reasons for a reduced allocation of billet for exports was increased demand for the semi-finished product in the domestic market. This was not spurred by real consumption, however, but by a loss in the value of the national currency. “The [Iranian] rial is losing value very quickly due to the [likelihood of renewed] US sanctions, so people involved in trade prefer to buy commodities rather than to keep money in their hands,” a source familiar with the situation told Metal Bulletin. Another reason for the reduced availability of semi-finished steel was that...

Published

Vlada Novokreshchenova

July 11, 2018

17:00 GMT

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