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Iran Steel Market Trend in Week 44th , 2024

Iran Steel Market Trend in Week 44th    ,  2024

Billet:  Billet price fluctuated under the influence of the exchange rate.

بیلت

Long Products

Rebar: While warehouses are empty,  rebar price has gone up and down with the decline in exchange rate.

میلگرد

I-beam: Like other long products, price of this product also fluctuated under the influence of currency market.

تیر

Flat Products

HRC: Despite market recession, HRC price followed ex-rate fluctuations.

ورق سیاه

 

HRP: Oxin co HRP demand was weak and its market fluctuate just by currency rate changes

اکسین

CRC: CRC market Inventory is weak, so currency pressure is having a quick impact.

ورق سرد

HDG: With the fluctuation of HRC and ex- rate, price of this product also changed.

گالوانیزه

Weekly Analysis:

In the world market:  There is no sign of change in global markets. Although November and December is historically time of high market activity , oil price is still below USD80 and billet is stuck around USD460. US employment figure is very weak and with the use of artificial intelligence, unemployment in advanced countries will accelerate. On the other hand, the war in the Middle East continues. Apparently, everything is waiting for the US election. Chinese government has announced a new economic program that has greatly strengthened the hope of prosperity in this country. For now, we have to wait and see who will win the US election and what his policy will be in the Middle East.

 

 

In the domestic market: The first impact of gas shortage was felt last week, and DRI sales on the stock exchange stopped in the commercial sector.

There was other news last week. First, the increase in electricity prices according to the Minister of Energy Second, the issue of launching the foreign exchange market, which is pushing the foreign exchange price towards a single rate Third, the budget analysis, which shows significant deficit.

In the meantime, the steel industry is a creditor to the government due to the summer power outage, so it is trying to use this opportunity. Rumors about restrictions on the sale of billet on the stock exchange to merchants are very strong. This is a sign of increased exports of billet and slabs, which means that the prices of these two goods will increase along with the increase in currency rate.

However, the market knows that despite the weak demand, prices will increase due to the increase in the cost of electricity, gas, wages, and foreign exchange, although the increase in prices will lead to a recession.

 

CBI average ex-rate for Steel Products (SANA): Rials 489,117/ 1USD
04 Nov 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

 

 

 

 

Nov 4, 2024 15:34
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