During last week billet market was downward in Iran as
1. Sections prices dropped significantly
2. Higher billet market inventory as imported parcels have arrived
3. New Iranian Year is near and traders and producers are more aware about their inventory level, so try to sell more.

Billet price was around USD 958 per tonne to USD 977 per tonne at the beginning of the week but dropped to USD 888 per tonne in the middle of the week. As year end is near in Iran, transactions levels has declined and are around 500 tonnes per lot.

In global markets billet price is decreasing but problems in opening LC won’t let Iranian buyers to be active in foreign markets. Besides buying tonnages are low, so they prefer to purchase from domestic market. Domestic billet was around USD 870 per tonne to USD 888 per tonne ex work, depending on quality. The current trend won't change till end of current Iranian Year as any rise in demand level is unlikely.

(Sourced from www.irsteel.com)