Target export billet prices from Iranian mills surged in the week to Wednesday July 15 amid increased domestic tags and thawing demand in China, sources told Fastmarkets.
"The domestic billet market is booming," a local source told Fastmarkets citing recent sales on the Tehran Metal Exchange [Iran Mercantile Exchange] being done at 82 million rials per tonne or $468 per tonne ex-works, the current NIMA rate shows. This is compared to bookings heard done at 68.3-69.5 million rials per tonne in late June, equivalent to $414-421 per tonne ex-works, sources said.NIMA is the Persian acronym for an online currency system launched by the Central...