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Iran Steel Market Trend in Week 08th , 2024

Iran Steel Market Trend in Week 08th   , 2024

 

Billet

Billet price increased during last week in Iran domestic market from USD 561/mt to USD 568/mt ex-work including VAT thanks to the stability of currency rate and market competition for sales of beginigng of the week and remained stable until end of the week.


Long Products

Rebar price increased with billet price improvement and limited supply level, but market confidence disapeared by end of the week. Its average price changed from USD 625/mt to USD 634/mt ex-work including VAT.

I-beam price increased irrationally from USD 688/mt to USD 715/mt as Esfahan Steel co stopped supplying.

 

Flat Products

HRC price increased thanks to market supply management, but stopped by end of the week. Mobarakeh Steel co average HRC 2 mm thickness price changed from USD 985/mt to USD 987/mt ex-work including VAT.

Like other steel products, Oxin co HRP price fluctuation calmed down at the end of the week. Its average price changed from USD 891/mt to USD 907/mt.

After increasing in the first half of the week, CRC market also weakened at the end of the week. Its average price changed from USD 1150/mt to USD 1164/mt ex-work including VAT.

HDG market also experienced the same trend and changed from USD 1112/mt to USD 1119/mt by end of the week.

 

Weekly Analysis:

In the world market:

Iron ore price has returned to USD120/mt cfr China, scrap is around USD410-420/mt cfr Turkey and billet has dropped to around USD 500/mt fob Black sea. Oil price is still below USD80/barrel and the war in Gaza continues. China market opening after Holidays has not changed demand level and prices may decrease more. Holy month of Ramadan is coming (begin by March 12th ) and would have a serious impact on future of the market. It has reduced demand expectations in Islamic countries.

 

In the domestic market:

Practically, there is only a working week ahead of steel market as New Year Holidays is coming and also elections are ahead, so there is no opportunity for demand improvement. Besides, delayed supply of many mills and delays in delivering cargoes has dimmed market appetite for more purchases.

Flat products market is also affected by this trend, despite the fact that the supply of flats, especially Mobarakeh Steel co products is limited, but its demand is also not encouraging. The reality is that if supply level increases a little, prices will drop drastically.

Demand outlook for the end of the year is not strong and the market is practically closed in the first month of next year due to Holy month of Ramadan, so the market is quiet. Demand level would be practically zero in the next month and a half, but production will continue.

 

CBI average ex-rate for Steel Products (SANA): Rials 395,055 / 1USD
26  Feb 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

Feb 26, 2024 12:23
Number of visit : 219

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