The Iranian export billet and slab market gained further ground in late May, supported by fresh bookings at higher price levels. Some market participants noted that customers, particularly in Southeast Asia, were interested in Iranian billet due to quicker delivery times compared with other suppliers - particularly those in the Commonwealth of Independent States. In China, Iranian billet was available at $385-390 per tonne cfr. Excluding the cost of freight, finance and traders margins the price would be equivalent to $355-360 per tonne fob Iranian ports. No new bookings were heard at this destination while market participants in China take a wait-and-see approach amid falling domestic rebar prices.
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