Iran semi finished steel exports very slow on sanctions

 The export market for steel slab and billet in Iran was very slow in the seven-day period to May 15 after the United States imposed  
sanctions on the country’s steel trade, sources told Fastmarkets.  
US president Donald Trump ordered new sanctions on Iranian metals - including steel, aluminium and copper - on Wednesday May 8.
 
“Today’s action targets Iran’s revenue from the export of industrial metals - 10% of its export economy - and puts other nations on notice that allowing Iranian steel and other metals into your ports will no longer be tolerated,” Trump said in a statement regardingthe sanctions. 
Some bookings for Iran-origin steel billet were heard done in Asia at $380-385 per tonne fob last week. Offers were still around $380-385 per tonne fob this week, but no deals were heard. 
Previous bookings of Iranian billet are able to be cancelled due to possible payment problems, some market participants said. 

The US sanctions on Iran mean that payments cannot be made to Iranian banks in US dollar or gold, therefore limiting the country’s international trade. 
The export market was silent over the week without any price changes because sellers were reluctant to buy and preferred to  
wait and see. 
Fastmarkets’ weekly price assessment for Iranian export billet was $380-385 per tonne fob on May 15, unchanged week on week. 
In Iran’s slab export market, meanwhile, material was on offer at $385-390 per tonne fob this week, but again no deals were heard. 
Fastmarkets’ weekly price assessment for Iranian slab exports was $385-390 per tonne fob on May 15, narrowing downward from $390 per tonne fob a week earlier, reflecting the lower offers heard in the market.