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Iran Steel Market Trend in Week 06th , 2024

Iran Steel Market Trend in Week 06th   , 2024

 

Billet

Billet price decreased from USD 582/mt to USD 568/mt ex-work including VAT during last week in Iran domestic market due to weak demand and calm currency rate.


Long Products

Higher supply level and weak demand made rebar price down from USD 641/mt to USD 623/mt ex-work.

Despite decrease in demand, stability of supply caused no serious change in the price of I- beam. Its average price declined by USD 2.5/mt to USD 696/mt ex-work including VAT.

 

Flat Products

Mobarakeh Steel co average HRC price declined by USD 20/mt to USD 996/mt ex-work including VAT, but by end of the week HRC downward trend calmed down with the start of the holidays.

Oxin co HRP was also downward due to lack of demand from USD 916/mt to USD 903/mt.

With the calmness of exchange market, CRC demand subsided and its price decreased from USD 1188/mt to USD 1163/mt ex-work by end of the week. HDG price was also down from USD 1134/mt to USD 1121/mt.

 

 

Weekly Analysis:

In the world market:

With the start of Chinese Lunar New Year holidays, iron ore, scrap and billet began to decline. This trend will intensify in short term, but after Chinese holidays, the upward trend will begin. The war in Gaza is still going on. After end of the war, reconstruction demand may improve markets.

 

In the domestic market:

After weeks of reduced supply, Iran domestic market will see an increase in supply volume these days. Due to warmer weather and the increase in production, prices would decrease. On the other hand, there are only three active working weeks left until end of the year, which will affect billet demand.

Rebar inventory at warehouses from last month purchases in rising, so due to the Chinese holiday and the relative stoppage of billet demand, rebar price trend will also naturally be downward unless the currency price increases.

Flat products market is strongly driven by Mobarakeh steel co market management, but there is no room for significant price increases.

 

CBI average ex-rate for Steel Products (SANA): Rials 391,661 / 1USD
12 Feb 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

Feb 12, 2024 10:21
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