Traders book significant volumes of Iranian billet, expecting demand in Gulf, Asia

Iranian export prices for steel billet increased slightly in the week to Wednesday October 14, with traders accepting higher prices in the latest round of bookings.

Last week, most Iranian producers finally returned to the market, placing fresh tenders for cargoes to be shipped in October and December. Mills were waiting for China to return from a week-long national holiday to see the market trend.
Domestic prices for steel rebar surged in China on October 9 amid active restocking activity, and Iranian mills managed to win deals at higher prices during the weekend.
One cargo of 30,000 tonnes scheduled for shipment in November was sold to a trader at $412 per tonne fob southern Iranian ports.

There were two more cargoes from different mills heard sold at $410-413...

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