Iran Steel Prices Hit Plateau as Forex Rates Rise

EghtesadOnline: The rising trend in steel pricing in Iran stopped last week, with some prices slipping back as hard currency prices strengthened. Some local sellers tried to raise prices but weak demand stifled the attempt, Metal Bulletin reported.

News ID: ۷۷۱۷۶۲

28 November 2016

In the free currency market, $1 fetched 37,300 rials on November 23, up by 200 rials week-on-week.

Billet in sizes from 125x125mm to 150x150mm traded last week at 14.40-14.85 million rials ($386-398) per ton ex-stock Tehran, down from 14.80-15.20 million rials ($397-408) per ton the week before.

CIS suppliers offered billet at $410-420 per ton cfr Iranian northern ports, up by $10 per ton week-on-week.

Khouzestan Steel, Iran’s principal supplier of semis, sold some batches of billet at 14.10 million rials ($378) per ton, on 57 days delivery, through the Iran Mercantile Exchange last week.

Local mills sold rebar at 17.40-18.00 million rials ($466-483) per ton ex-stock Tehran. This compared with 17.40-18.10 million rials ($466-485) per ton the week before, according to Financial Tribune.

Major supplier Esfahan Steel sold some batches of rebar through the IME this week at 16.50 million rials ($442) per ton ex-stock, on 60 days’ delivery.

Hot rolled coil (2-5mm) was sold at 22.10-23.00 million rials ($592-617) per ton ex-stock Tehran, compared with 22.40-23.10 million rials ($601-619) per ton the week before.

Mobarakeh Steel sold no hot rolled coil through the IME last week but it had sold some batches via that route at 16.54-17.34 million rials ($443-465) per ton ex-works, on 66 days’ delivery, the week before.