[Your shopping cart is empty

News

Iran Steel Market Trend in Week 31st , 2023

Iran Steel Market Trend in Week 31st  , 2023

Billet

Billet price increased during last week in Iran domestic market from USD 549/mt to USD 554/mt despite lower DRI price. The reason behind upward trend was higher ex-rate and credit sales.

 

Long Products

Higher ex- rate and market expectations about prices reaching the bottom level made rebar price up from USD 644/mt to USD 646/mt ex-work including VAT. Delayed payment offers at IME helped this trend.

Higher ex-rate and market expectations made I-beam market rise from USD 678/mt to USD 687/mt ex-work including VAT.

 

Flat Products

HRC 2 mm thickness changed from USD 840/MT at the beginning of the week to USD 830/MT ex-work Mobarkeh by end of the week. HRC price has reached the bottom and higher currency rate was the reason for the price change.

The market is still not optimistic about the future of HRP market. The competition of suppliers has limited the space for any change. For this reason, the price trend was downward from USD 863/mt to USD 851/mt ex-work including VAT.

CRC demand has not yet returned to the market, that's why price had a downward trend from USD 1138/mt to USD 1134/mt ex-work including VAT.

Lack of demand made HDG price down from USD 1121/mt to USD 1092/mt by end of the week.

 

Weekly Analysis:

In the world market:

Global markets are gradually being activated, rainy season in China will certainly shake up demand next month while prices have bottomed out. Scrap prices remained stable after weeks of decline, and billet market is almost stable. Therefore, the possibility of further price reduction is weak, but the demand is still weak and does not have the power to affect prices.

 

In the domestic market:

Flat products offers at IME have no buying interest which indicates weak condition of industry in the domestic market. Higher ex-rate caused prices to rise but previous week's credit sales do not allow prices to improve significantly. Prices in Iran market, like the rest of the world, have reached their bottom and there is no more room for reduction. Higher gas and electricity costs, along with the decrease in production due to power cuts, has caused mills production costs increase. But market sentiment is not optimistic and seems that prices will stay stable. Therefore, there is no hope for a serious change in the coming weeks.

 

CBI average ex-rate for Steel Products (SANA): Rials 372,394/ 1USD

07 Aug  2023

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

 

 

 

Aug 7, 2023 13:53
Number of visit : 393

Comments

Sender name is required
Email is required
Characters left: 500
Comment is required