Iranian export billet prices increased by $5-10 per tonne over the week ended Wednesday July 11 because the availability of material in the market tightened, Metal Bulletin has heard.
One of the reasons for a reduced allocation of billet for exports was increased demand for the semi-finished product in the domestic market. This was not spurred by real consumption, however, but by a loss in the value of the national currency."The [Iranian] rial is losing value very quickly due to the [likelihood of renewed] US sanctions, so people involved in trade prefer to buy commodities rather than to keep money in their hands," a source familiar with the situation told Metal Bulletin.Another reason for the reduced availability of semi-finished steel was that...