Billet price was unchanged during last
week in Iran domestic market at USD 534/mt due to Religious Mourning Holidays,
but with new formula at IME (Iran Mercantile Exchange), its base remained firm.
Market was almost closed due to Moharram
Holidays. Rebar price first improved on last Wednesday with the new formula of
pricing at IME, but price dropped a little with rumors about nuclear talks and
the fall of ex-rate. It was USD 614/mt ex-work including VAT by end of the
I-beam had an upward trend, but this was
true only for Isfahan Steel co products, other mills’ products had no buyer.
HRC average price improved a little as
sellers can’t afford lowering prices any more. In HRP market, Oxin co is
controlling the market and its average price was unchanged at USD 955/mt. Besides,
the mill is exporting and domestic supply has declined.
In CRC market, seems that prices have
bottomed out. By Wednesday it was USD 1051/mt ex-work including VAT.
HDG market also followed HRC improvement and
rose a little.
China market is slowly improving. Oil is
still above USD100/barrel, scrap has bottomed out, but markets are still not
able to move much. With market activity in China become more serious, inflation
rate in the United States will decrease. In any case, global market sentiment
is better than previous weeks.
In domestic market, with new pricing
rules at IME, market concerns about downward trend in prices has decreased and
this helps improving market demand. Besides, everyone is waiting for final news
about nuclear talks and its effects on market and currency rate.
CBI weekly average ex-rate for Steel
Products (SANA): Rials 263,673 / 1USD
15 August 2022
Iran Steel News Bulletin