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Iran steel market Trend in Week 43rd , 2021

Iran steel market Trend in Week 43rd   , 2021

Billet

Billet 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.

Long Products

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.

Flat Products

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.

Weekly Analysis:

 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 Bulletin

IFNAA.IR

IRSTEEL.COM

 

Nov 1, 2021 13:33
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