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Iran Steel Market Trend in Week 49th, 2023

Iran Steel Market Trend in Week 49th, 2023

Billet

Billet price improbved during last week in Iran domestic market by USD 5/mt to USD 513/mt ex-work including VAT. Higher demand started from a week ago, possibility of restrictions on DRI supply level and the improvement of prices in global markets were the factors behind this upward trend.


Long Products

Rebar price increased by USD 10/mt to USD 595/mt ex-work including VAT. Market closure due to air pollution slowed down this upward trend.

I-beam price was upward from USD 657/mt to USD 682/mt by end of the week due to positive market  sentiment. Besides, its price had reached the bottom and needed this upward correction.

 

Flat Products

HRC 2 mm thickness rose by USD 10/mt to USD 953/mt by Wednesday last week. Air pollution and market closures decreased supply level, market sentiment and limited supply raised prices.

Along with Higher prices for Mobarakeh Steel co products, oil contracts will gradually increase Oxin co order levels which will cause its HRP prices continue upward trend. Its average HRP price rose from USD 835/mt to USD 849/mt ex-work including VAT.

CRC price was downward during last week in Iran domestic market from USD 1096/mt to USD 1092/mt, the reason was closure of some industrial production lines and the problem of demand.

HRC upward trend affected HDG price and rose from USD 1078/mt to USD 1079/mt by end of the week, but market closure over the weekend calmed prices.

 

Weekly Analysis:

In the world market:

Iron ore continued its upward trend and has reached more than USD 136/mt CFR China, Black Sea billet has crossed USD 500/mt FOB and scrap is more than USD 420/mt CFR Turkey , with this trend, probability of downward trend in the next two weeks is low. With the New Year holidays prices may decrease, although iron ore may not return to USD 110 /mt. Similarly, scrap is far from USD340/mt  of three months ago, but billet can decrease to USD 460/mt due to weak rebar demand. Flat products market was shaken after a long time and HRC has improved by USD20/mt recently. There are two factors behind this increase in prices: firstly, prices reached the bottom in September and secondly, December is inventory stockpiling time for January and February, especially in China. However, the market looks strong for the next two weeks.

 

In the domestic market:

Last week, prices went up in global markets, this helped Iran billet export market and the positive sentiment of the market. Rebar upward trend which had started, was stopped when the market was closed due to pollution, but this will cause prices to jump in the coming days, because billet price increased by the weekend. Despite the closure of market, rebar received a better reception than the previous week at IME. All these signs promise a better prosperity for the coming days.

In flat products market, global prices are upward, while the orders from oil sector are gradually crowding out Oxin co and will naturally affect its prices. The most important factor is gas shortage issue and although weakness of demand which may affect DRI production too.

 

CBI average ex-rate for Steel Products (SANA): Rials 383,925 / 1USD
11 Dec 2023
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

Dec 11, 2023 13:18
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