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Iran Steel Market Trend in Week 26th , 2024

Iran Steel Market Trend in Week 26th   , 2024

Billet:  Billet price increased due to high demand.
Long Products

Rebar: With the increase in billet price along with higher exchange rate, rebar price went up.
I-beam: Improvement of market sentiment and higher rebar price led to the improvement of I-beam market.
تیر آهن
Flat Products
HRC:  HRC market had a downward trend. Power outages of consumer units along with the financial need of some of them caused an increase in supply. Prices were naturally downward.
ورق سیاه
HRP:  Weak demand and financial need of the market reduced Oxin co HRP price.
CRC: Improvement of ex- rate caused a limited increase in CRC market.
HDG: HDG market has no room to decrease, but demand level does not have the power to change its market.
Weekly Analysis:
In the world market: Global markets are still in recession. No serious change in the price of oil, iron ore, scrap and billet has been seen. Israel is talking about the annexation of Gaza, which is a kind of assignment for the region. Along with that, the threat of Lebanon and the possibility of the expansion of the war has greatly reduced investment in the region, while the main wealth of the world is in the Middle East, maybe this trend will continue until the US presidential election in November.

In the domestic market:
The mid-week holiday along with the prevailing political atmosphere has severely limited domestic demand which will continue until appointment of the new government.
Hot weather and power outages have caused billet and slab production limitations, rebar and other long products are also affected by this trend. Most rebar mills are facing with billet problem and production issues.  But in flat prosucts market due to seasonal holidays and power outages in downstream sections, they do not experience price fluctuations and demand restrictions like long products.
This market sentiment will continue for at least one month, because the new government must take over the work, power cuts will be resolved and the situation will stabilize, in the meantime, exchange rate is an effective and decisive factor in the market.

CBI average ex-rate for Steel Products (SANA): Rials 427,184 / 1USD
01 July 2024
Iran Steel News Bulletin

Jul 1, 2024 13:12
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