Iranian billet producers increased their offers for July-rolling billet this week, in a move to test the market after successful sales to Asia last week and to benefit from price increases in the global market.
Billet prices increased in the global market after the United States decision to halve import duties on steel products from Turkey. That move was expected to support demand for Turkish rebar overseas and caused import scrap prices in Turkey to rise, which had a positive effect on global billet prices.Nevertheless, buyers of Iranian billet have...