Billet
Billet price
decreased from USD 582/mt to USD 568/mt ex-work including VAT during last week
in Iran domestic market due to weak demand and calm currency rate.
Long
Products
Higher supply level and weak demand made rebar
price down from USD 641/mt to USD 623/mt ex-work.
Despite decrease in demand, stability of
supply caused no serious change in the price of I- beam. Its average price declined by USD 2.5/mt
to USD 696/mt ex-work including VAT.
Flat Products
Mobarakeh Steel co average HRC price declined
by USD 20/mt to USD 996/mt ex-work including VAT, but by end of the week HRC
downward trend calmed down with the start of the holidays.
Oxin co HRP was also downward due to lack of
demand from USD 916/mt to USD 903/mt.
With the calmness of exchange market, CRC
demand subsided and its price decreased from USD 1188/mt to USD 1163/mt ex-work
by end of the week. HDG price was also down from USD 1134/mt
to USD 1121/mt.
Weekly Analysis:
In the world market:
With the start of Chinese Lunar New Year
holidays, iron ore, scrap and billet began to decline. This trend will
intensify in short term, but after Chinese holidays, the upward trend will
begin. The war in Gaza is
still going on. After end of the war, reconstruction demand may improve markets.
In the domestic market:
After weeks of reduced supply, Iran domestic
market will see an increase in supply volume these days. Due to warmer weather
and the increase in production, prices would decrease. On the other hand, there
are only three active working weeks left until end of the year, which will
affect billet demand.
Rebar inventory at warehouses from last month
purchases in rising, so due to the Chinese holiday and the relative stoppage of
billet demand, rebar price trend will also naturally be downward unless the
currency price increases.
Flat products market is strongly driven by
Mobarakeh steel co market management, but there is no room for significant
price increases.
CBI average ex-rate for Steel Products (SANA): Rials 391,661 / 1USD
12 Feb 2024
M.Chitsaz
Iran Steel News
Bulletin
IFNAA.IR
IRSTEEL.COM