Several billet producers from Iran managed to achieve higher prices in a new round of sales because of support from suppliers to China, sources said on Wednesday June 10.
"Many suppliers, particularly from CIS have mainly sold out their allocated volumes until August, but demand in China persists," one trader said.He said that, earlier this week, he sold a cargo of Iranian billet, scheduled for July shipment to China, at $400 per tonne cfr. Excluding $25 per tonne freight and around $10 per tonne in extra costs the price would be equivalent to about $365 per tonne fob. Initially, the trader booked material from...