Iran Steel Market Trend in Week 30th , 2024
Billet: Billet price remained almost constant, power cuts has stopped supply and demand of billet.
Long Products
Rebar: Rebar price did not change, hot weather and power outages have practically stopped rebar market.
I-beam: I-beam market was quiet with quiet demand and the supply stoppage.
Flat Products
HRC: HRC market was calm due to the stagnation of demand.
HRP: The decrease in Oxin co HRP demand caused a limited price drop.
CRC: Like other items, the market stagnation made CRC price stable.
HDG: Stagnation of the market and limited reduction in HRC price caused price of this product to fall.
Weekly Analysis:
In the world market:
The world market is waiting for a drop in oil price. Apart from that, prices of iron ore, billet, rebar and flats had a downward trend last week and it seems to continue in the coming weeks. Dumping Chinese goods, including billet, rebar and flat products, has put a lot of pressure on the markets. Global markets are facing a decline in economic growth, history says that continuation of this trend will either lead to a big war like Vietnam, the context of which can only be seen in Ukraine and Lebanon, or a fundamental change like China's reform in the seventies, anyway, we have to wait.
In the domestic market:
In the domestic market, the heat has taken the breath of the economy, power cuts have not only stopped the production, but has questioned any hope in the market for the future. Market closures has severely reduced activities. Electricity outage costs are not only limited to production, but have kept all investments pending. The market has one view on the currency and one view on the future government, naturally it does not take any action to clarify the situation.
CBI average ex-rate for Steel Products (SANA): Rials 437,857/ 1USD
29 July 2024
M.Chitsaz
Iran Steel News Bulletin
IFNAA.IR
IRSTEEL.COM