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Iran Steel Market Trend in Week 34th, 2022

Iran Steel Market Trend in Week 34th, 2022

Billet

Billet price had a downward trend during last week in Iran domestic market by USD 2 /mt to USD 506/mt ex-work including VAT by end of the week, which was due to the weakness of demand. Generally, market was in a waiting mood through the week.

Long Products

Rebar price was also down from USD 590/mt to USD 588/mt. Lower billet price and market wait and see policy made market participants more quiet.

I-beam price was upward from USD 662/mt to USD 664/mt, but only for Esfahan Steel co products and other mills had no buyer. Actually the mill’s market management made price upward.

Flat Products

Traders’ resistance and heavy losses they experienced from previous purchases, made HRC 2 mm thickness price up by USD 4/mt to USD686/mt ex-work Mobarakeh, but its market remained stagnant.

Since Oxin co HRP price has reached below the mill’s price in the market, its sellers resisted against downward trend, but finally market was down from USD 952/mt to 940/mt ex-work including VAT.

Due to stagnation of demand, CRC price was downward from USD 1039/mt to USD 1023/mt. Profit margin of CRC is very limited and sometimes with loss for traders, so there is no incentive to invest in its market.

HDG had a downward trend from USD 965/mt to USD 945/mt, lower price of thickness 0.50 and 0.60 mm was the main reason for the decrease in the average price of this product. Lower ex-rate and stagnation of HRC market also made this trend worse.

Weekly Analysis:

Foreign markets are not significantly different from last week, the economic recession in Europe and USA has intensified and this has affected investments, as a result steel demand has reached its minimum level too. Downward trend of housing prices in USA has reduced the incentives for construction. China's housing sector continues to stay quiet, it neither stops nor accelerates, so we must wait for the cold season, which changes the shape of demand.

But in Iran, everything has been affected by the Nuclear Talks, Iran's economic environment is filled with politics, as a result, it is practically impossible to make a decision in this market. What is certain is that the current situation cannot continue.

CBI weekly average ex-rate for Steel Products (SANA): Rials 263,695 / 1USD

29 August 2022

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

Aug 29, 2022 13:49
Number of visit : 153

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