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Iran Steel Market Trend in Week 42nd , 2023

Iran Steel Market Trend in Week 42nd  , 2023
 

Billet

Billet price went down during last week in Iran domestic market from USD 565/mt to USD 554/mt ex-work including VAT. The insistence of IME to control prices shows that market should not expect billet price to rise in the coming days.


Long Products
Rebar price was downward from USD 657/mt to USD 648/mt as market was quiet and expecting DRI price to decline. I-beam price also dropped by USD 8/mt to USD 692/mt ex-work including VAT.
 
Flat Products
HRC market was calm and there were more sellers than buyers, that's why its price was in a downward trend. HRC 2 mm thickness ex-work Mobarakeh was USD 985/mt by beginning of the week, which reached USD 977 /mt by Wednesday.

Disturbance in supply increased price of Oxin co HRP from USD 838/mt to USD 873/mt ny end of the week.

Higher supply and liquidity pressure made CRC market bearish and was down from USD 1171/mt to USD 1083/mt ex-work including VAT.

Ex-rate fluctuations affected HDG market, and with its drop, HDG price also started a downward trend. It changed from USD 1101/mt to USD 1170/t and dropped to USD 1157/mt by end of the week.


Weekly Analysis:

 In the world market:

World steel market is in waiting mood and worried. Oil price is not likely to decrease. The world is waiting for new data from China and hopes that the announced growth rate of the third quarter will be one percent higher than the estimates. The world is worried about the increase in oil price, which will cause inflation and economic stagnation. For now, we have to wait for the outcome of the war in Gaza and its political reactions. Next week, maybe the political horizon will be brighter.

In the domestic market:
Three factors have affected the market:

First, the government's policy in controlling inflation rate which will continue until the end of the year. Therefor, billet price price would fluctuate at USD 511-538/mt.

Second, the issue of oil export which has been upward from 6 months ago, so the government's hands are not empty of currency.

Third, the removal of Iran's missile sanctions by the United Nations on Wednesday. Although this should be done, it shows serious changes in foreign policy and Iran's role in the world. The process of events after the agreement between Iran and Saudi Arabia is too serious to be analyzed soon. The world has accepted Iran's regional power, but it must also accept Iran's role, which is not too late, as a matter of fact, economic changes will come after that.


CBI average ex-rate for Steel Products (SANA): Rials 371,502 / 1USD
23 Oct 2023
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

Oct 23, 2023 15:15
Number of visit : 337

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