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Iran Steel Market Trend in Week 43rd , 2024

Iran Steel Market Trend in Week 43rd   ,  2024

 

 

Billet:  Billet price in Iran domestic market rose with the increase in exchange rate and soared with rumors about future gas cuts.

بیلت

Long Products

Rebar: The rise in ex-rate caused price of rebar to increase, but demand was weak.

میلگرد

I-beam: I-beam price also changed only due to the impact of currency fluctuations.

تیر

Flat Products

HRC: Exchange rate fluctuations caused HRC price to soar while demand was weak.

گرم

HRP:  HRP market also improved just due to ex-rate increase.

اکسین

CRC: currency rate upward trend made CRC increase.

روغنی

HDG:  With the increase in HRC price and exchange rate, HDG price also increased.

گالوانیز

Weekly Analysis:

In the world market:  There is no new news in the global markets, billet and scrap have not changed, oil is still hovering below USD80/barrel, the war in Ukraine and Middle East continues as it is, the outlook for Chinese market and its economic growth next year is not very optimistic, it seems that everything will come down to USA election, which will determine the fate of many political issues and, subsequently, global economic plans.

 

In the domestic market: Two issues have completely affected the domestic market.

First, political issues that have destroyed the incentive to invest and completely replaced caution, and in these circumstances, capital is attracted to foreign exchange or gold. Warehouses are empty, factories cannot sell their product, while export of billet and slab is completely justified. When the political issue is resolved, which is not far off, the market would be empty of semi-finished and finished steel products, and the demand for foreign exchange would be high because traditionally, governments have currency problems from December onwards.

Second, the gas problem affects the production of DRI and billet. It is said that the gas problem is more serious this year than last year. This will reduce the volume of production. Naturally, prices will increase. This year is not a normal year, considering the US election, Israeli assassination, and structural problems in the Iran economy. Apart from these, there is next year's budget issue too.

 

CBI average ex-rate for Steel Products (SANA): Rials 486,294/ 1USD
28 Oct 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

 

 

Oct 28, 2024 14:15
Number of visit : 46

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