Last week, the market was closed due to mourning holidays of Moharram in mid-week, most of market participants were in mourning. Electricity consumption reached its peak due to the holiday and heat, as a result electricity of mills was cut off, so prices did not change significantly.
Weekly Analysis:
In the world market:
Nothing special happened in the world market, iron ore slightly decreased and after that billet dropped, which is caused by dumping of Chinese billet in the Far East markets. There is no hope for peace in Gaza, summer vacations and hot weather has declined demand in global markets. Practically, this month is seasonally calm outside Iran. The Major global IT outage grounds flights, hits banks and businesses around the world which will make market participants more cautious in coming days.
In the domestic market:
In the domestic market everyone is waiting for the new government and its ministers. Power cuts has declined billet supply seriously. Two large mills have canceled their supply with the announcement of the power outages, that's why buyers have become cautious worried about delivery of the goods on time.
This process will continue for the next two weeks until the new government start working officially.
CBI average ex-rate for Steel Products (SANA): Rials 435,901 / 1USD
23 July 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM