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29 May

Iranian mills cut back on billet export allocations

Iranian billet supply for export is falling, but traders are still closing deals to foreign customers through the Iranian Mercantile Exchange (IME). Last week and this, no export tender was scheduled, notes Kallanish. Last week, a trader bought on the IME 20,000 tonnes of 1sp (for wire rod production) billet to divert to its customer in Indonesia for shipment in mid-June, agreeing with his customer at $470/tonne fob on an LC at sight basis. Meanwhile, an ind…
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