[SMM Iran Weekly Review] Energy Shortages Tighten Supply; Iranian Billet and Rebar Export Quotes Shift Upward

Published: Oct 09, 2026 15:24 (GMT+8)

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According to SMM research, Iranian steel export quotes held steady to higher this week, with supply tightening replacing demand as the primary market driver. In semi-finished and flat products, billet export offers rose to 410–415 USD/tonne FOB, with at least 10,000 tonnes of 3SP billet sold to the Gulf at 413 USD/tonne FOB; power and gas shortages forced several mills to cut output, undergo maintenance, or retain billets for internal rolling, while procurement difficulties in ferroalloys, refractories, and coking coal extended delivery lead times to 45–60 days; Iran Mercantile Exchange (IME) billet prices surged 14% WoW, and 61,000 tonnes of slab traded with prices also up 14%, as robust domestic demand crowded out export allocations; executable slab export levels stood at 405–410 USD/tonne FOB against mill target prices of 430–435 USD/tonne FOB, prompting one mill to withdraw offers; October HRC cargoes to Iraq traded at 545–560 USD/tonne FCA border. In long products, rebar export quotes shifted upward alongside domestic prices to 455–477 USD/tonne FCA border, while wire rod was quoted at 510–530 USD/tonne FCA. Regarding logistics and regional markets, freight from Bandar Abbas to Oman and the UAE hovered at 17–20 USD/tonne (stems under 5,000 tonnes); while US enforcement persisted alongside statements ruling out military action prior to midterms, Iran indicated the Strait of Hormuz could reopen within seven days under fulfilled conditions, and the free-market Rial hit a new record low; in the Gulf, Dubai imported HRC held flat at 590 USD/tonne CFR. Looking ahead to next week, supply contraction will bolster export quotes, though logistics bottlenecks will cap transaction volumes, maintaining a range-bound posture with a strong bias.

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