Billet market was upward at the start of the week due to higher ex rate. Billet size 150 mm was priced at IRR 15,900,000 per tonne on truck in Anzali including 5% VAT by it became downward and finished the week at IRR 15,500,000 per tonne, also some limited deals were done at IRR 15,400,000 per tonne too
In the import market billet is offered at USD 520 per tonne CFR Anzali port, after custom duties it will be IRR 14,700,000 to IRR 15,000,000 per tonne for the importer. Of course market participants expect prices to rise after Christmas holidays.
Billet import level has dropped significantly. During last Iranian month it was 380,000 tones but during last 20 days it was just 168,000 tones. A reason for lower import level is downward prices abroad, as some traders hope to buy billet at USD 470 to USD 480 per tonne in coming future. The other reason behind lower billet import level is that importers are worried about their needed currency for importing. If they cannot get it from exchange room, would have to use open market ex-rate, if so importing won't be affordable for them.
