Billet price was
stable before new offers at IME ( Iran Mercantile Exchange) and the demand was limited, but on Tuesday, price
went up with the announcement of new power tariffs.
Finally billet price
was up from USD 637/mt to USD 643/mt ex-work including VAT by end of the week.
Following higher power costs, producers
increased rebar prices and its effects on the market will be more clear in
coming days. Rebar average price changed from USD 724/mt to USD 731/mt ex-work including VAT.
I-beam price was
upward by Esfahan Steel co market management from USD 886/mt to USD 923/mt.
Price of 2 mm thickness HRC ex-work Mobarakeh was USD 1053 /mt on
last Saturday, which reached USD 1147 /mt by Wednesday. The mill’s market
management and its supply trend at IME made market upward.
With higher global slab price and higher
electricity costs along with the increase in Mobarakeh Steel co products, Oxin
co HRP price also had an upward trend from USD 1039/mt to USD 1064/mt.
Limited supply and inflationary
expectations made CRC price up from USD 1493/mt to USD 1592/mt ex-work
Higher HRC price and
upward market sentiment made HDG price also up from USD 1443/mt to USD 1519/mt
ex-work including VAT.
statistics of USA market and China demand has increased positive sentiment in
the world market. Global prices are upward and demand is strong, so demand for
Iranian steel products will remain attractive in coming weeks. Any way still
the main issue is exchange rate. Probably, this week we will see imported HRC
and CRC cargoes be available in the market, considering that their price has
increased in the world market, in order to maintain the market, the difference
between the initial supply price and the current market rate will not be
serious, but it will slow down or reverse the upward trend of prices.In the
current situation, market insiders are focused on the currency rate and the
price of gas and electricity.
CBI weekly average ex-rate for Steel
Products (SANA): Rials 285,000/ 1USD
05 Feb 2023
Iran Steel News Bulletin