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Iran steel market Trend in Week 44th , 2020

Iran steel market Trend in Week 44th     , 2020

Billet

Lower currency rate and ambiguous outlook of the market, made billet price in Iran domestic market downward during last week from USD 438/mt to USD 416 /mt ex-work including 9% VAT by end of the week. Meanwhile, DRI supply level was limited and its base price was not heard lower than USD 220 /mt. There was no demand for offered billets at IME last week, and no serious price change is expected in coming days since we have midweek Holiday this week.

Long Products

Rebar average price, which was USD 486/mt on last Saturday, reached USD 476 /mt ex-work including VAT by end of the week, while some mills were offering sizes 14 or higher at USD 451/mt including VAT. The reasons for this decrease were lower ex- rate, expectation of lower prices, government's punitive policy against excess inventories, and waiting policy of traders. Average price of I-beam sizes 14 -18, which was USD 534 /mt ex-work Esfahan by beginning of the week, also dropped to USD 530/mt ex-work including VAT by Wednesday.

Flat Products

Mobarakeh Steel co 2 mm thickness HRC was not offered in the market last week, but this did not increase price of other mills’ products because pipe and profile market was in recession. Mobarakeh Steel co HRC had a downward trend from USD 609 /mt to USD 605/mt. Government’s severe controlling policy has led to a sharp drop in the volume of transactions of this product within last two weeks.

Oxin Co HRP thickness 10 - 40 mm, which had an average price of USD 622 /mt, reached USD 606/mt including VAT by end of the week. Kavian co HRP also was faced with a decrease in price and fell from USD 565 /mt to USD 529 /mt.

CRC price was down from USD 1122 /mt to USD 1105 /mt due to lower exchange rate and demand.

HDG price also decreased from USD 1091/mt to USD 1084/mt.

Steel products were generally downward during last week in Iran as authorities have been controlling warehouse inventories severely which has made traders more worried, besides, ex-rate downward trend has made market participants more confused and also US presidential election, which market participants preferred waiting policy, some believes a new US president would change market situation

CBI weekly average ex-rate for Steel Products (SANA): Rials 268.084 1USD

02 Nov 2020

Nov 2, 2020 09:57
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