Billet
Downward trend of billet during last week in Iran was quite predictable for
two reasons: first, lower global prices, and second, more importantly, was weak
long products demand, but billet production fell due to limited supply of DRI
and power outages, which led to a drop in scrap price too.
Billet price declined by USD 5/mt to USD 498 /mt ex-work including 9% VAT.
Long
Products
Rebar price dropped
slightly during last week in Iran. Mills’ inventory level has fallen and prices
are not in a position to fall further unless billet price goes down more. Offered
rebars on IME were not welcomed by buyers due to market ambiguities. Average
rebar price dropped from USD 562 /mt to USD557/mt ex-work including 9% VAT by end of the week.
I-beam price was
also downward last week, weak demand and uncertainty in the market depressed the
situation more. Its price changed from USD 582/mt to USD 560/mt.
Flat
Products
2 mm thickness HRC was
priced at USD 931 /mt on Saturday in Esfahan, but reached USD 904 /mt by the end of the week. Other
Mobarakeh Steel co items were faced with lower prices. Lower base price of the
mill’s products at IME, along with weak demand made market more downward. Given
downward global prices, more decrease in base prices at IME is not far from
expectations.
Oxin co HRP had a light
downward trend. Despite a relative boom in its consuming markets last week, the
prospect of Oxin co sales starting in the coming days prompted sellers to
return to the market. Also lower slab
base price at IME also affected market trend. Its price changed from USD 839/mt
to USD815/mt. Kavian Co HRP price also fell from USD785 /mt to USD766/mt due to
lower slab price.
Lack of demand and
lower base price at IME made CRC price downward by USD13/mt to USD1182/mt by
end of the week.
Lower HRC price and
reduced demand made HDG price also downward from USD 1121/mt to USD1095/mt .
CBI
weekly average ex-rate for Steel Products (SANA): Rials 225,648 USD
01 Feb
2021