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Iran Steel Market Trend in Week 39th , 2023

Iran Steel Market Trend in Week 39th  , 2023

Billet

Anti-inflationary expectations and price reduction possibility in the coming days were reasons for the drop in billet price in Iran domestic market during last week. Its average price dropped from USD 582/mt to USD 571/mt ex-work including VAT.

 

Long Products

The relative stability of rebar price during last week was due to the market's belief that prices have reached the bottom. Its average price changed from USD 659/mt to USD 654/mt.

Weak demand was the main reason for the drop in the price of steel beams from USD 701/mt to USD 693/mt by end of the week.

 

Flat Products

HRC 2 mm thickness was USD 927 /mt ex-work Mobarakeh on Saturday, which reached USD 932/mt by Wednesday. Generally lower demand made HRC market downward.

Oxin co HRP price was almost quiet and its average price changed from USD 853/mt to USD 852/mt ex-work including VAT by end of the week.

CRC price reaced the bottom from USD 1145/mt to USD 1140/mt by end of the week.

HDG market was stable, the price reached its bottom, but there is no demand. Its price was USD 1137/mt by end of the week.

 

Weekly Analysis:

In the world market:

Oil price is upward. Billet demand has not changed and its price shows no signs of decreasing. Scrap market is also almost stable, so there is no reason for price reduction or weak demand.

 

In the domestic market:

In the domestic market, the government continues to put pressure on prices downward trend. Base price of billet is about USD 504 /mt and DRI is USD 315 /mt for the coming week. These prices cannot be reduced further. The market knows this, while it also has the experience of gas shortage since the end of November, that's why it does not consider the price floor to be too far from today's prices.

In any case, most traders believe that prices will not move much, but the volume of transactions will improve, while lack of liquidity is very noticeable in the market, and with the concentration of government accounts at the central bank, the lending power of banks will decrease and recession would intensify.

 

CBI average ex-rate for Steel Products (SANA): Rials 371,173 / 1USD

30 Sep  2023

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

 

 

Sep 30, 2023 12:52
Number of visit : 301

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