Billet: Billet price fluctuated under the influence of the exchange rate.
Long Products
Rebar: While warehouses are empty, rebar price has gone up and down with the
decline in exchange rate.
I-beam: Like other long products, price of this product also
fluctuated under the influence of currency market.
Flat Products
HRC: Despite market recession, HRC price followed ex-rate fluctuations.
HRP: Oxin
co HRP demand was weak and its market fluctuate just by currency rate changes
CRC: CRC market Inventory is weak, so currency pressure is having
a quick impact.
HDG: With the fluctuation of HRC and ex- rate, price of this product
also changed.
Weekly Analysis:
In the world market: There is no sign of change
in global markets. Although November and December is historically time of high
market activity , oil price is still below USD80 and billet is stuck around USD460.
US employment figure is very weak and with the use of artificial intelligence,
unemployment in advanced countries will accelerate. On the other hand, the war
in the Middle East continues. Apparently, everything is waiting for the US
election. Chinese government has announced a new economic program that has
greatly strengthened the hope of prosperity in this country. For now, we have
to wait and see who will win the US election and what his policy will be in the
Middle East.
In the domestic market: The first impact of gas shortage was felt last week, and DRI
sales on the stock exchange stopped in the commercial sector.
There was other news last week.
First, the increase in electricity prices according to the Minister of Energy
Second, the issue of launching the foreign exchange market, which is pushing
the foreign exchange price towards a single rate Third, the budget analysis,
which shows significant deficit.
In the meantime, the steel industry is a
creditor to the government due to the summer power outage, so it is trying to
use this opportunity. Rumors about restrictions on the sale of billet on the
stock exchange to merchants are very strong. This is a sign of increased
exports of billet and slabs, which means that the prices of these two goods
will increase along with the increase in currency rate.
However, the market knows that despite the
weak demand, prices will increase due to the increase in the cost of
electricity, gas, wages, and foreign exchange, although the increase in prices
will lead to a recession.
CBI
average ex-rate for Steel Products (SANA): Rials 489,117/ 1USD
04 Nov 2024
M.Chitsaz
Iran Steel News
Bulletin
IFNAA.IR
IRSTEEL.COM