Posted on 03 Oct 2024
Iranian mills are trying to take advantage of the recovery seen since last week in Chinese futures markets. In the new negotiation round, producers are targeting $458-460/tonne fob.
Kallanish notes that traders involved in Iranian billet exports are seeing increasing demand from end-users, particularly in the Gulf Cooperation Council.
Late last week, Khorasan Steel closed a 3sp 150mm billet tender on the highest bid, at $455/t fob, for 30,000 tonnes for mid-November shipment.
"Sentiment has improved on the commercial side as we see increasing end-user demand for Iran-origin billets on the back of price hikes in China, with long lead times; however, the escalation between Iran and Israel [over Israeli military operations in Lebanon] is a concern," comments a senior trader.
Source:Kallanish
