Iranian exporters of steel billet and slab continued to cut prices in the week ended Wednesday October 17 in their attempts to win deals in the current unfavorable market conditions.
One of the major factors in this was the regime of economic sanctions imposed by the United States on the Middle Eastern nation in early August.The United Arab Emirates was formerly a significant buyer of Iran-origin billet but it will now limit its acceptance of cargoes of Iranian goods as well as goods from other sanctioned countries such as North Korea, a source with knowledge of the situation told Fastmarkets.An Iranian mill source, however, said that the mill had sent a cargo to the UAE in an Iran-registered vessel this week, and another a...