Iranian export slab prices have increased on higher offers over the past week, while billet prices and demand both fell in the wake of a renewed focus on sanctions by the United States, sources told Fastmarkets.
Earlier this week, US president Donald Trump announced that he would not be renewing the exemption from sanctions on Iranian oil imports granted to several countries, including India, Japan and South Korea.
That dented economic sentiment in Iran, which has also been rocked by severe floods since the beginning of March, resulting in higher transportation costs in the country.
Recent bookings for Iran-origin steel billet were heard done in East Asia at $385-390 per tonne fob.
And market sources said that offers still vary within the range of $395-400 per tonne fob.
Fastmarkets’ weekly price assessment for Iranian export billet was $385-390 per tonne fob on Wednesday April 24, down from $390-400 per tonne fob.
Slab, meanwhile, was on offer at $390-415 per tonne fob from Iran, although no major deals were heard at that price.
One Iranian slab producer will hold a tender for slab next week, but market participants do not expect to see much of a change in prices.
Fastmarkets’ weekly price assessment for Iranian slab exports was $390-400 per tonne fob, up from $380-395 per tonne fob a week earlier.