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Iran Steel Market Trend in Week 40th, 2022

Iran Steel Market Trend in Week 40th, 2022

Billet

Billet price rose in Iran domestic market from USD 512/mt to USD 516/mt during last week due to higher ex-rate and limited supply level.

Long Products

As billet price went up, rebar price followed this trend and changed from USD 587/mt to USD 590/mt ex-work including VAT by end of the week. But the important point is that most of rebar sales last week were on credit payment, which will keep the market unstable for the coming weeks.

Esfahan Steel co market management made I-beam average price also up by USD 15 /mt to USD 697/mt ex-work including VAT.

Flat Products

Mobarakeh steel co HRC improved because of mill’s market management and support from the supply side. A large amount of 2 mm thickness HRC is being cleared in northern ports too. Mobarakeh HRC 2 mm thickness was USD 730/mt on last Saturday, which reached USD 793/mt by Tuesday.

Oxin co HRP improved a little from USD 878/mt to USD 886/mt, which was due to support of supply side, demand is very weak and traders are not interested in buying, but at the moment export market activity is helping HRP market.

With support of supply level and improvement of currency rate, CRC price also went up from USD 1027/mt to USD 1071/mt by end of the week. Import market activity restarted from last week, but it is not clear that its price will decrease with the current exchange rate. There is one problem about import cargoes, and is that most of the imported goods are for HDG production.

Higher HRC price made HDG market upward from USD 985/mt to USD 1025/mt. It has been heard that a large amount of 2 mm thickness HRC has been imported to Anzali Port, this will affect HDG price in coming weeks.

Weekly Analysis:

Far East, especially China were on Holidays last week and were closed. Vietnam is still in rainy season, that's why export demand is limited, but billet price has not dropped. On the other hand, oil is approaching USD100/barrel, as a result, interest rate in USA will rise, and then other currencies will fall.

In Iran, billet is close to its ceiling price, there is no demand for rebar in the stock market because credit supply does not allow the market to grow. Flat products market is unstable and prices are expected to fall. With these conditions, traders are just looking and buying just for immediate needs. Maybe in coming days market would be calm.

CBI weekly average ex-rate for Steel Products (SANA): Rials 269,661/ 1USD

10 Oct 2022

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

Oct 10, 2022 13:49
Number of visit : 619

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