Billet price wen down from USD 545/mt to USD 537/mt ex-work
including VAT which was due to the pressure of IME( Iran Mercantile
Exchange) and market recession. DRI new price announcement which was downward helped
The calm market and lack of demand caused rebar price to decrease from USD 638/mt
to USD 632/mr by end of the week. This downward trend was highlighted at IME
Limited demand and market expectations caused price
of I-beam to decrease from USD 699/mt to USD 691/mt ex-work including VAT.
HRC price was going
down due to the decrease in demand and market expectations, but suppliers are
resisting. HRC 2 mm thickness ex-work Mobarakeh was USD 1023/mt
by beginning of the week, which reached USD 983 /mt by Wednesday.
Due to the
resistance of the suppliers, HRP price went up while the market was in
recession. Oxin co HRP changed from USD 839/mt to USD 854/mt
by end of the week.
CRC is still
facing an increase in supply compared to demand, and that's why the price was
downward from USD 1145/mt to USD 1140/mt ex-work including VAT.
HDG market followed HRC price trend and was down from USD 1161/mt
to USD 1157/mt ex-work.
In the world
Global markets are slowly showing signs of year
end sentiment, iron ore has increased slightly, but billet decreased slightly,
which is due to the stagnation of the markets. Everything is
waiting for the outcome of the war in Gaza. Middle East demand
which is notable is affected by the war and is waiting mood.
In the domestic market:
Iran market is
experiencing a very heavy recession. Rebar export has decreased sharply, while pellet
and DRI export continues. Market participants are not worried about the
stagnation of rebar market, but this trend cannot continue. With the possibility of gas shortage in winter,
pellet supply will increase and its price trend will change. Currently, the market is waiting for the price
to reach its bottom.
CBI average ex-rate for Steel Products (SANA): Rials 372,337 / 1USD
06 Nov 2023
Iran Steel News