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Iran Steel Market Trend in Week 37th , 2024

Iran Steel Market Trend in Week 37th    ,  2024
 

 

Billet:  Billet price remained stable during last week in Iran domestic market. Despite increased supply, market demand and delayed payment sales helped maintain prices.

 بیلت report

Long Products

Rebar: Downward trend in rebar prices has started, higher billet supply will intensify this trend.

میلگرد

I-beam: I-beam price did not change much thanks to supply control.

 تیر

Flat Products

HRC: HRC price trend was downward. The problem is in demand level.

ورق سیاه

HRP:  The problem of demand and supply control kept HRP market unchanged.

اکسین

CRC: Higher supply level and retreat of demand lowered CRC price.

ورق سرد

HDG:  Lower HRC price made HDG market downward too.

 گالوانیزه

 

Weekly Analysis:

In the world market: The world market is still in recession, oil is below USD 80 and will probably stay at this level for a while. Billet is in the range of USD 450-460 /mt due Chinese dumping, its higher export have even made Turkish mills worried. Meanwhile, the global market is in recession and doesn't seem like it will get out of it this year.

 

In the domestic market: The increase in billet supply at IME (Iran Mercantile Exchange) has started. Billet price is expected to drop slowly. Mills will increase supply in the first step, then sell on credit, but in the coming months gas shortage and its consequences will determine market trend.

 In the case of flat products, the situation is different. 14 rolling mills are under construction (using slab for production), 8 of them will start operating by end of the year, increasing slab supply will help their production. Naturally, pipe and profile markets will be more competitive too.

The government should accept excess supply and not only free but also encourage export of steel, especially finished products, because the investments made are not small. With the government's encouragement, steel market can make a big contribution to foreign exchange. However, the market is currently in recession and this recession is not only in Iran. Naturally, until the situation changes, prices will tend to fall unless currency market changes its direction.

 

CBI average ex-rate for Steel Products (SANA): Rials 456,580/ 1USD
16 Sep 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM

 

 

 

Sep 16, 2024 12:27
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