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Iran Steel Market Trend in Week 47th, 2023

Iran Steel Market Trend in Week 47th, 2023

Billet

Due to the decreasing trend of rebar, billet price experienced daily drop from USD 526/mt to USD 512/mt ex-work including VAT by end of the week.


Long Products

Rebar was down from USD 608/mt to USD 597/mt ex-work including VAT and reached the lowest level, maybe this is the bottom price.

I-beam was downward like other long products from USD 668/mt to USD 653/mt by end of the week.


Flat Products

HRC price was downward during last week to reach the bottom but by Wednesday improved a little. HRC 2 mm thickness ex-work Mobarakeh expreciened some fluctuations and finally was up from USD 927 /mt on Saturday to USD 934 /mt ex-work including VAT by Wednesday.

HRP market has also reached the bottom, but market participants can not resist against this situation any more. Oxin co HRP rose from USD 844/mt to USD 845/mt.

CRC price was up from USD 1118/mt to USD 1123/mt, but by end of the week dropped again to USD 1120/mt.

Lack of demand made HEG downward from USD 1125/mt to USD 1120/mt ex-work including VAT.

 

Weekly Analysis:

 In the world market:

In the world market iron ore price has been upward currently due to Chinese market stockpiling and seasonal demand and may fall again from mid-December. Billet and scrap also have experienced some ups and downs.  Oil price is still below USD 80 /barrel, thogh market are generally quiet and there is no hope for demand improvement. News about another pandemic in China would also pressure markets more.

 

In the domestic market:

Prices have almost reached the bottom and market is full of ambiguities. What the market understands is that for now mills are just settling their obligations at IME. Their offers in the market even with delayed payments are not interested for buyers as they concern about liquidity shortage.

Governments are usually slow to notice the crisis and react. It seems that the government has determined its way to separate the private sector. Next year's severely shrinking budget, the increase and variety of taxes in the budget show the government's policy. But it is necessary to pay attention to the fact that possible bankruptcies will affect the balance of banks.

 

CBI average ex-rate for Steel Products (SANA): Rials 376,635 / 1USD
27 Nov 2023
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

Nov 27, 2023 14:10
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