Billet price had an upward trend due to the
rise of DRI and the lack of inventory of re-rollers from USD 623/mt to USD 636/mt,
but at the end of the week lower ex-rate made it downward to USD 625/mt ex-work
Rebar price was upward due to the upward trend
in currency prices and supply restrictions, but at the end of the week, market
fever subsided with ex-rate downward trend. Its average price changed from USD 724/mt
to USD 743/mt ex-work including VAT.
I-beam price was unchanged at USD 843/mt as
maket leader Esfahan Steel co managed the market.
HRC price improved a little due to the increase in
currency rate. Market confusion about the supply of Mobarakeh Steel co at IME
caused sellers to wait for the supply side. HRC 2 mm
thickness improved by USD 52/mt to USD 976/mt ex-work Mobarkeh.
The downward trend in currency rate and demand
besides lower global prices lowered Oxin co HRP a little from USD 899/mt to USD
Lack of demand and limited supply level made
CRC price almost unchanged at USD 1390-1396/mt ex-work including VAT. HDG price also slightly changed from USD 1361/mt
to USD 1374/mt.
In world market:
In the world market, prices are going down,
and for this reason, Iran's export trend is decreasing both in terms of price
and quantity. Iran Mercantile Exchange policies based on
exporting through the export ring have created serious restrictions in export
market. The downward trend in oil price on the one hand and lower scrap prices
on the other hand do not show any positive prospect for price improvements in
the next week or two.Turkey, as an influential factor in the
scrap market, is facing minimal demand until the presidential election, therefore,
it does not seem that scrap price will change until the end of this month.
In domestic market:
But in Iran domestic market, the government is
trying to stimulate export by limiting domestic demand, but the policies of the
Mercantile Exchange is in the opposite direction of the government's goal. Limiting the demand
in IME for purchases makes market participants not to worry about the supply level,
therefore, maintaining the inventory level is the main policy of traders.
CBI average ex-rate for Steel Products
(SANA): Rials 381,139/ 1USD
08 May 2023
Iran Steel News Bulletin