Lower scrap costs globally, increased competition in the semi-finished steel market and lower prices for finished steel in customers’ markets have forced Iranian suppliers to reduce their offer and deal prices for both billet and slab.
One cargo of 3sp billet was reported sold at $565 per tonne fob last week after Fastmarkets’ price assessment was filed. This compared with $570 per tonne fob at the beginning of last week.
But following the drop in scrap costs late last week, some Iranian mills agreed to conclude deals at lower levels.
The daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr Turkey, was $451.40 per tonne on January 19, down by $9.12 per tonne day on day and...