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​Iran Steel Market Trend in Week 25th, 2024

​Iran Steel Market Trend in Week 25th, 2024

Billet:  llimited supply of billet due to power cuts made its price upward.
Long Products
Rebar: Due to billet price increase, rebar price was also on the rise.
I-beam: Lack of demand made I-beam price downward.
Flat Products
HRC: Increased number of offers by some sellers, hope to attract liquidity caused HRC price to decrease until Tuesday, but after that it returned.
ورق سیاه
HRP: HRP supply-demand is balanced. For several months, buyers of the product have not been interested.
CRC: CRC price has reached the bottom, but power cuts have also limited its demand.
HDG: Along with fluctuations of HRC market, HDG price also changed.
Weekly Analysis:
In the world market:
In the global market, nothing special has happened to change market trend, and oil continues to fluctuate below USD 80. Although oil producers are trying to maintain price at this level, a Citigroup forecast has pessimistically predicted oil price below USD 60 for next year.
Markets in Islamic countries are closed for Eid al-Adha and this has reduced the volume of transactions. The conflict in Gaza remains undecided and there is a possibility of its expansion at any moment. Summer holidays in western countries have kept the demand still limited. With the current conditions, it seems unlikely that anything special will happen in the world market within next week or two.

In the domestic market:
In the domestic market, everyone is in the heat of presidential election, while the mid-week holiday this week would keep the market in stagnation, followed by Month of Muharram and its natural stagnation of the market.
For this reason, supply-demand does not seem to have changed seriously. The only effective factor in the market is the power cuts. Power outages have a significant impact on the production of semi-finished steel products, and for this reason the market will slowly change prices. Speed of the change in HRC market is lower than long products market, because flats are industrial product, and its demand is also affected by the power cuts.

CBI average ex-rate for Steel Products (SANA): Rials 425,657 / 1USD
24 June 2024
Iran Steel News Bulletin

Jun 24, 2024 11:21
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