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Iran Steel Market Trend in Week 38th , 2023

Iran Steel Market Trend in Week 38th  , 2023

Billet

Lower demand made billet price fall during last week in Iran domestic market from USD 588/mt to USD 584/mt ex-work including VAT.

 

Long Products

Rebar demand is very low and its price trend was downward for this reason from USD 667/mt to USD 658/mt. I-beam price was also down due to the same reason from USD 707/mt to USD 701/mt ex-work including VAT.

 

Flat Products

HRC 2 mm thickness was USD 943 /mt ex-work Mobarakeh on Saturday, which reached USD 928/mt by Wednesday. Market expectations made prices downward.

Lack of demand made Oxin co HRP down from USD 857/mt to USD 853/mt.

CRC was faced with a cold market which pushed its average price down from USD 1150/mt to USD 1146/mt by end of the week.

HDG market was also quiet at around USD 1136/mt ex-work including VAT.

 

Weekly Analysis:

In the world market:

Global market is still standing and there has been no change, oil continues its slow upward trend. As the end of the year approaches, global markets will be in a seasonal boom. It seems that China's property market will come out of crisis in the coming months with efforts of the government. In any case, the global market outlook is not bearish.

 

In the domestic market:

Uncertainty is governing domestic market that has caused demand low. The first ambiguity is lack of clarity of the government's plan with the freed currency. The second ambiguity is caused by the continuation of meetings in Qatar, which affects the currency market. The third issue is problem of lack of liquidity in the market and lack of clarity in the government's economic policies. In the current situation, the third issue is very serious.

The market has spent last month in silence and closures due to Holidays and hopes to move in the current month, but the downward trend in billet price and silence of finished products market dims this hope unless the government takes another policy.

 The imposition of export duties on the export of steel, iron ore and coal by Russia will strengthen our steel export market. This can be a ray of hope in our semi-closed market.

 

CBI average ex-rate for Steel Products (SANA): Rials 371,008 / 1USD

25 Sep  2023

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

 

 

Sep 25, 2023 12:21
Number of visit : 305

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