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Iran Steel Market Trend in Week 43rd , 2022

Iran Steel Market Trend in Week 43rd  , 2022

Billet

Billet price remained almost unchanged during last week in Iran domestic market between USD 487-489/mt ex-work including VAT. Long products market was quiet and delayed payment sales at IME (Iran Mercantile Exchange) hold billet price stable.

 

Long Products

Rebar had a quiet market at around USD 555/mt. Domestic demand is severely limited and market insiders are just looking for export market to improve.

I-beam price stayed at around USD 653/mt with market management by Esfahan Steel co but demand level is not interesting.

 

Flat Products

Mobarakeh steel co HRC 2 mm thickness was USD 707/mt on Saturday, which reached USD 714 /mt ex-work by Wednesday. Market experienced some fluctuations. It cannot tolerate further price reduction and is waiting for slab price improvement to help HRC price.

Lack of supply from Oxin co and lowering market inventory made HRP average price up from USD 864/mt to USD 873/mt ex-work including VAT.

CRC had a stable market at USD 1003/mt and did not change much because its supply level is being managed.

HRC stable trend made HDG also quiet with its price staying around USD 937/mt ex-work including VAT.

 

Weekly Analysis:

Global markets are calm and the fight against inflation continues. Oil price is on a downward trend and will probably stay below USD90/barrel. Of course, there is no hope for an increase in steel demand at the moment, and there is no hope for improvement in Chinese market until end of the year.

 In the domestic market, higher export increases confidence about a temporary improvement. Steel market suffered a lot of losses in the first six months of the year and has only 4 months until the end of the Iranian calendar to make up for it. Therefore, it would advance by using credit sales or increasing export level or finally changing the exchange rate and the role of banks in providing credit is very important. In the conditions of economic surgery, the government must organize economic structure, and in the condition of sanctions, it is like building a house under a heavy rain. In any case, this structure should be reformed, but if the door to foreign trade is not opened, the pressure on the government will remain heavy.

 

CBI weekly average ex-rate for Steel Products (SANA): Rials 285,489/ 1USD

31 Oct 2022

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

 

 

Oct 31, 2022 12:07
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