price rose during last week in Iran domestic market from USD 648/mt to USD 652/mt
till Tuesday due to higher demand from re-rollers, which welcomed higher rebar
prices. The improvement in global prices was also effective in this case, but average
price went down over the weekend as the price increase was more than market interest
to around USD 645/mt ex-work including 9% VAT.
Rebar price went up during last week as expected
from USD 704/mt to USD 718/mt. But over the weekend, the upward trend made
market concerned and buyers stayed back.
I-beam average price had a slow and weak increase
from USD 693/mt to USD 703/mt. Market participants mostly believe this is not a
permanent market trend.
HRC 2 mm thickness
ex-work Mobarakeh was USD 1132 /mt on last Saturday, which reached USD 1145 /mt
by Tuesday. Actually stoppage of Mobarakeh Steel co supply made HRC market
upward. The market has come to the conclusion that price floor of Mobarakeh HRC
is USD 1037 /mt.
Oxin Co HRP price has
reached the bottom. Major traders are not willing to offer less than USD 1136 /mt
as it is not profitable for them. Therefore, prices should improve, especially
as global slab price is rising. Market average price changed just by USD 1/mt
to USD 1152/mt ex-work including VAT.
Kavian co HRP market
was carefully managed by the mill and its price remained stable at around USD 1073/mt.
CRC average price
changed from USD 1255/mt to USD 1282/mt during last week. Demand side is quiet
at the moment.
HDG price improved
from USD 1295/mt to USD 1311/mt ex-work including VAT as HRC market was upward.
Due to the fact that the market had been in waiting
mood for three weeks, prices reached their bottom, but as warehouses became
empty and some mills closing orders, rebar supply decreased and this made
prices upward. But this trend cannot continue in the coming weeks because
warehouses have not been completely emptied of cheap purchased parcels. About flat
products, its market needs two weeks’ time. Usually flat products market is
stagnant in November. Oxin co export policy has a direct effect on this
product. There is no news about lower oil prices in global markets, and of
course commodity markets will not fall too. The emergence of new Covid cases in
China and the assignment of Evergrande case will save demand in China till end
of the year, so the likelihood of falling prices by the end of 2021 is low.
CBI weekly average
ex-rate for Steel Products (SANA): Rials 231,418 USD
01 Nov 2021
Iran Steel News