Trading activity in the Iranian export steel billet market was quiet in the week to Wednesday July 7 because most mills have not finalized their tenders yet.
Several market participants confirmed that Sirjan Jahan Steel was selling 20,000 tonnes of billet at $609 per tonne fob southern Iranian ports late last week,
$1 per tonne lower than was reported earlier.
Other mills kept their tenders open, inviting bids, although some of them were scheduled to be closed this week.
Khouzestan Steel, one of the country's major billet sellers, had an open tender for 30,000-40,000 tonnes of 3-5sp billet. It had been expected to be finalized on July 6.
The mill was targeting $630 per tonne fob, it said. But this price was considered too high by market participants, considering the unfavorable market conditions in the major outlets in Asia and the Gulf Cooperation Council (GCC) region.
The Asian import steel billet market softened at the end of last week due to the availability of significant...