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Iran Steel Market Trend in Week 46th, 2022

Iran Steel Market Trend in Week 46th, 2022

Billet

Billet price decreased over the weekend due to silence of long products market from USD 143513/mt to USD 142713/mt ex-work including VAT. The announcement of the sale of DRI to billet producers caused a drop in DRI price, which will show its effect on the market in coming days. Generally quiet market will make downward trend more serious.

 

Long Products

Rebar price remained stable and did not change seriously, changed from USD164025/mt to USD 163728/mt.   The reason for this is mostly due to non-economic issues, because the market does not have a positive outlook and is waiting for a calm situation.

Due to silence of the market, I-beam had a downward trend from USD187667/mt to USD 186000/mt. For now, everyone is waiting for the coming days for the market to be open and active.

 

Flat Products

Mobarakeh steel co HRC 2 mm thickness was USD 211000/mt on Saturday, which reached USD 210000 /mt ex-work by Wednesday. With inactivity of some parts of the market and higher ex-rate, some improvements were seen, but transactions level was very limited.

Oxin co HRP remained stable due to limited supply of the mill and showed a slight decrease by end of the week from USD 251750/mt to USD 251000/mt, which was affected by the market stoppage.

Market stoppage made CRC also almost unchanged at around USD 293800-294900/mt.

HDG market also remained calm and followed HRC market It was mostly around USD 293038/mt during last week.

 

Weekly Analysis:

Currently global markets hope for improvement of China market has faded as Covid-19 outbreaks again rising with easing of restrictions. Billet and scrap also have faced a price drop of USD 10 -20 /mt in global markets. Oil price is still at around USD 90/barrel. Global market outlook is stable and if nothing special happens in China, will be the same until end of 2022.

In Iran domestic market, everything is tied to social stability, government tries to control exchange rate, sells gold and currency bonds which is also sign of possible increase of ex-rate. But tensions have made the market worried.

Currently steel export to Iraq has increased significantly, higher ex-rate in Iran and more oil income in Iraq are the main reasons, but price of Iranian products in the country has decreased too. With the continuation of this trend, Iraq market will soon slow down. The only thing that can have an increasing effect on prices at the moment might be gas supply cut of DRI producers, which due to market sadness its affects may not be significant.

 

CBI weekly average ex-rate for Steel Products (SANA): Rials 275,865/ 1USD

21 Nov 2022

M.Chitsaz

Iran Steel News Bulletin

IFNAA.IR

IRSTEEL.COM

 

Nov 21, 2022 11:51
Number of visit : 227

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