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Iran Steel Market Trend in Week 44th , 2023

Iran Steel Market Trend in Week 44th    , 2023

Billet

Billet price wen down from USD 545/mt to USD 537/mt ex-work including VAT which was due to the pressure of IME( Iran Mercantile Exchange) and market recession. DRI new price announcement which was downward helped this trend.


Long Products
The calm market and lack of demand caused rebar price to decrease from USD 638/mt to USD 632/mr by end of the week. This downward trend was highlighted at IME rebar transactions.

Limited demand and market expectations caused price of I-beam to decrease from USD 699/mt to USD 691/mt ex-work including VAT.
 
Flat Products
HRC price was going down due to the decrease in demand and market expectations, but suppliers are resisting. HRC 2 mm thickness ex-work Mobarakeh was USD 1023/mt by beginning of the week, which reached USD 983 /mt by Wednesday.

Due to the resistance of the suppliers, HRP price went up while the market was in recession. Oxin co HRP changed from USD 839/mt to USD 854/mt by end of the week.

CRC is still facing an increase in supply compared to demand, and that's why the price was downward from USD 1145/mt to USD 1140/mt ex-work including VAT.

HDG market followed HRC price trend and was down from USD 1161/mt to USD 1157/mt ex-work.

 

Weekly Analysis:

 In the world market:

Global markets are slowly showing signs of year end sentiment, iron ore has increased slightly, but billet decreased slightly, which is due to the stagnation of the markets. Everything is waiting for the outcome of the war in Gaza. Middle East demand which is notable is affected by the war and is waiting mood.

 

In the domestic market:

Iran market is experiencing a very heavy recession. Rebar export has decreased sharply, while pellet and DRI export continues. Market participants are not worried about the stagnation of rebar market, but this trend cannot continue. With the possibility of gas shortage in winter, pellet supply will increase and its price trend will change. Currently, the market is waiting for the price to reach its bottom.

 

CBI average ex-rate for Steel Products (SANA): Rials 372,337 / 1USD
06 Nov 2023
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

Nov 6, 2023 14:46
Number of visit : 335

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