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Iran Steel Market Trend in Week 32nd, 2022

Iran Steel Market Trend in Week 32nd, 2022

Billet

Billet price was unchanged during last week in Iran domestic market at USD 534/mt due to Religious Mourning Holidays, but with new formula at IME (Iran Mercantile Exchange), its base remained firm.

Long Products

Market was almost closed due to Moharram Holidays. Rebar price first improved on last Wednesday with the new formula of pricing at IME, but price dropped a little with rumors about nuclear talks and the fall of ex-rate. It was USD 614/mt ex-work including VAT by end of the week.

I-beam had an upward trend, but this was true only for Isfahan Steel co products, other mills’ products had no buyer.

Flat Products

HRC average price improved a little as sellers can’t afford lowering prices any more. In HRP market, Oxin co is controlling the market and its average price was unchanged at USD 955/mt. Besides, the mill is exporting and domestic supply has declined.

In CRC market, seems that prices have bottomed out. By Wednesday it was USD 1051/mt ex-work including VAT.

HDG market also followed HRC improvement and rose a little.

Weekly Analysis:

China market is slowly improving. Oil is still above USD100/barrel, scrap has bottomed out, but markets are still not able to move much. With market activity in China become more serious, inflation rate in the United States will decrease. In any case, global market sentiment is better than previous weeks.

In domestic market, with new pricing rules at IME, market concerns about downward trend in prices has decreased and this helps improving market demand. Besides, everyone is waiting for final news about nuclear talks and its effects on market and currency rate.

CBI weekly average ex-rate for Steel Products (SANA): Rials 263,673 / 1USD

15 August 2022

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

Aug 15, 2022 12:53
Number of visit : 221

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