Billet
Billet market was quiet till last Monday. There were some signs of increase in prices due to higher exchange rate. By Monday rumors that Iran has prohibited the opening of letters of credit for importing products from United Arab Emirates made billet market full of ambiguity and sellers avoid making deals. The news was denied later by government authorities. Till end of the week, prices returned and domestic billet was transacted at USD726-740 /mt ex-work. Billet market will have a calm week as market participants are holding wait and see policy.
Long products
Low market inventory leaded to upward trend in long products market last week in Iran. Debar and I-beam demands were upward but not due to real demand and just for inventory building.
By middle of the week prices were upward, then news of embargo for import from UAE made market participants out of market. But by Wednesday they were back with prices USD20-30/mt higher than a day before. Again on Thursday market was sluggish and prices downward. With exchange rate drop to Iranian Rial 14300/USD many traders started offering in the market. Market trend is expected to be downward this week as supply level will be high from mills and also traders.
Flat products
HRC 2 mm thickness was priced at USD858/mt including 4% VAT on truck in Anzali by beginning of last week. It fluctuated down and up by SUD10/mt till Monday. Then sellers stopped offering till Thursday when the price became USD876/mt .
HRC 2.5-15 mm thickness from Mobarakeh Steel mill was stable in price and Kavian and Oxin steel stopped supplying from Tuesday last week.
CRC price was up by USD5-19/mt , by Monday market participants stopped dealing. Kazakhstan origin CRC was offered USD740/mt cfr Anzali by LC payment which was stable compared to a month ago.HDG market is steel facing supply shortage and was upward by USD19/mt during last week.
Iran Steel Service Center