Sarmayeh Bank lost to Supreme Chonburi of Thailand 3-1 and defeated Taiwan Power of Chinese Taipei (3-1) in its second match.
The Iranian team was defeated against Kazakhstan’s Altay 3-0 in its third match.
Sarmayeh Bank will face Rebisco-PSL from the Philippines on Tuesday in the fifth-eighth place play-offs.
The competition is being held in Ust-Kamenogorsk, Kazakhstan from May 25 to 31.
The tournament will serve as the Asian qualifiers for the 2018 FIVB Volleyball Women's Club World Championship with the champion qualifying for the world championship.