Iranian steel billet producers came to the market this week with offer prices that were lower than those heard before the holiday last week to mark the end of Ramadan, amid reduced demand in both foreign and domestic outlets.
Billet was on offer from the Middle Eastern country for delivery in August at $390-395 per tonne fob Iranian ports in the week ended Wednesday June 12. This was down from offers at $395-400 per tonne fob at the end of May."The local market weakened in Iran because of the reduced demand, which spurred mills to reduce their prices for foreign customers too," a source on the producers' side told Fastmarkets.A...