Iranian export billet, slab prices soften again amid lack of support from Asia

The weakening of the markets for flat and long steel in Asia that was created by the sharp drop in futures prices in China this week has had a negative effect on Iranian exporters, which sell most of their semi-finished steel volumes to the region, Fastmarkets heard on Wednesday November 10.

Fastmarkets' daily price assessment for steel hot-rolled coil, domestic, ex-whs Eastern China, was 4,650-4,710 yuan ($728-737) per tonne on November 10, down by 240-250 yuan per tonne from November 9, and from 5,050-5,100 yuan per tonne on November 3.
Spot prices were at their lowest level since February 5 this year, while the most-traded HRC contract on the Shanghai Futures Exchange reached an intraday low of 4,233 yuan per tonne on Wednesday morning, the lowest since December 9, 2020.

Meanwhile, the price assessment for steel reinforcing bar (rebar), domestic, ex-whs Eastern China, was 4,640-4,670 yuan per tonne on Wednesday, down by 260-270 yuan per tonne since Tuesday....

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