Iranian billet exporters keep offers firm but bids slide amid softer demand

Iranian billet producers maintained offers to overseas customers in the week to June 24, supported by demand in the domestic market, Fastmarkets learned.

"Around 100,000 tonnes of billet were sold in the Tehran Metal Exchange [Iran Mercantile Exchange in the week to June 24]. Local demand is crazy and cargo was sold at much better prices than the export market can accept," one trader said on Wednesday.
According to several sources, deals in the domestic market were done within the range of 68.3 million-69.5 million rials per tonne in the week to Wednesday, equivalent to $414-421 per tonne ex-works.
Market participants attributed the pick-up in domestic demand to a weaker Iranian currency against the dollar.

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