Billet: Reduced supply and rising exchange rate drove
up billet price during last week in Iran domestic market.
Long Products
Rebar: The stagnation in demand did not let rebar
price improve. Holidays and the problem of transferring money
slowed down the trading process.
I-beam: With a swing, the stagnant I-beam market
recovered slightly as the exchange rate rose.
Flat Products
HRC: HRC market rose slightly thanks to the rising exchange rate.
HRP: HRP market was also quiet and just higher currency rate affected
prices.
CRC: Some
CRC thicknesses experienced higher prices and higher ex-rate also helped the
quiet market.
HDG: With the fluctuating exchange rate, HDG price also rose, even though
its market was stagnant.
Weekly Analysis:
In the world market: By last week of 2024, naturally demand was at its
lowest. Iron ore and billet price remained stable, oil was still below USD 80, and
the outlook for next year is not encouraging. The market would likely remain stagnant
for the next three months.
In the domestic market: Power shortage and gas problem continues, DRI
supply has reached its minimum, while billet supply remained limited. In this
situation, rebar supply has faced a lack of demand but market inventory is not much
as production problem has intensified this week. The increase in the
exchange rate caused price of rebar and flat products to rise. Currency rate
fluctuations will continue until the exchange offices start working after the
holidays. Rumors about closure of accounts of exchanges that transfer Tether
fueled this.
The increase in production costs and the
decrease in production due to electricity and gas shortages increase the cost
price. What is certain is that the price of billet has a long way to go before it
reaches its real price.
CBI average ex-rate for Steel Products (SANA): Rials 642,925/ 1USD
30 Dec 2024
M.Chitsaz
Iran Steel News
Bulletin
IFNAA.IR
IRSTEEL.COM