43,000-Ton Billet Vessel Sinks in Strait of Hormuz; Iran's Steel Exports Halt Amid U.S. Sanctions on July 16

According to Jin10 Futures, Iran's semifinished steel material exports face near-total paralysis on July 16 following a vessel carrying 43,000 tons of billets sinking in the Strait of Hormuz and new U.S. naval restrictions implemented from July 14. The incident has forced widespread shipping cancellations and vessel congestion, halting all international open-tender bids. Iranian steelmakers attempted offers at $410-415/ton FOB, but international buyers withdrew; only limited billet trucking trades from the Afghanistan border were recorded. Domestic billet prices surged to $423/ton, creating a severe price inversion against export quotations. Maritime blockades and import restrictions are redirecting Iranian steel supply entirely toward domestic demand.
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