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Iran Steel Market Trend in Week 36th , 2024

Iran Steel Market Trend in Week 36th    ,  2024
 

 

Billet:  Billet price did not change during last week in Iran domestic market, but some reductions seems probable in near future.

 بیلت

Long Products

Rebar:  Liquidity shortage and the problems faced by some traders put pressure on domestic rebar market.

میلگرد

I-beam:  Market recession caused a relative drop in I-beam price.

 تیر آهن

 

Flat Products

HRC: HRC price has reached its bottom and has no room to decrease unless Mobarakeh Steel co lowers its prices for this month's supply.

ورق سیاه

HRP:  Supply management made HRP market stable.

اکسین

CRC: CRC market was calm as demand was stopped due to the holidays.

ورق سرد

HDG:  HDG market was quiet like CRC.

 گالوانیزه

 

Weekly Analysis:

In the world market: Oil price has reached about USD70 /barrel, OPEC is trying to maintain its price, but with the return of Libya to the market, there is not much hope. Price of iron ore has declined to about USD 90/mt, and Chinese export billet is USD420 /mt FOB, Iranian slab is at USD 420/mt and its billet is around USD460/mt FOB. All the news indicates that prices are nearing their bottom. What is hopeful is that the war in Gaza will probably be decided soon, winter will calm down Ukraine war and the world is waiting for the election in USA.

 

In the domestic market: Finally, holidays are over, working hours are back to the normal, power cuts are being solved and the political sentiment is also turning in favor of the economy. It seems that the government will be active from this week, we have to wait for the market to turn. If the currency hall is activated and the currencies return to the country, the market will be very active.

In any case, the market is waiting for stability, maybe a little price adjustment will help the turnover of transactions.

 In any case, the market is waiting for two actions of the government:

First, solving the currency problem,

Second, assignment of export duties,

Direction of the government and the market will be clear in the coming days.

 

CBI average ex-rate for Steel Products (SANA): Rials 453,023/ 1USD


09 Sep 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

 

 

Sep 9, 2024 13:26
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