[SMM Steel] 7.16 SMM Global Steel Daily Report

Published: Jul 16, 2026 18:39

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[Iran] Strait sinking and tightened sanctions cripple Iran's semi-finished exports

Amid escalating geopolitical tensions, the effective closure of the Strait of Hormuz and a new round of US naval activity from July 14, Iran's semi-finished import/export market was quiet this week. A bulk carrier loaded with 43000 tonnes of billet collided and sank in the Strait of Hormuz, adding shipping uncertainty and leaving many vessels stuck at anchorage or cancelling voyages, forcing all seaborne export tenders to halt. Some mills tried offers at 410-415 USD/tonne FOB, but international buyers largely withdrew, with only small billet truck deals booked at the Afghan border. Meanwhile tight supply lifted domestic billet to 423 USD/tonne, sharply inverting domestic and export prices.

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