“I bought cold-rolled coil from [Russian steelmaker] MMK a couple of weeks ago at a very attractive price, since their sales were not very good at that time,” one trader said. “Now they are asking [for] higher prices [that] are not affordable for me.”
Iranian customers are not looking to replenish stocks ahead of the Muslim fasting month of Ramadan, which starts on May 27.
Cold-Rolled Coil
Current CRC offers from the Commonwealth of Independent States to Iran are coming in at $505-515 per ton CFR, sources said.
According to Financial Tribune, MMK was heard offering its material at €440 ($485) per ton FOB Astrakhan, with the estimated cost of freight to the northern Iranian port of Anzali about $20 per ton.
Kazakhstan’s ArcelorMittal Temirtau was offering CRC at $500-505 per ton FOB Aktau.
The estimated cost of freight from there to Anzali would be $8-15 per ton, depending on the tonnage.
One customer placed a bid for 2,000 tons of CRC at $480 per ton FOB Aktau, and a trader told Metal Bulletin that he thought ArcelorMittal could probably drop its price to $490 per ton FOB.
However, ArcelorMittal rejected the CRC bid and was sticking to its offered prices.
A 4,000 ton-cargo was heard booked by another trader at $502 per ton FOB, sources told Metal Bulletin.
Metal Bulletin’s price assessment for CRC imports in Iran rose to $503-510 per ton CFR Iranian ports on Wednesday, up from $470-492 per ton CFR last week.
Hot-Rolled Coil
MMK was offering hot-rolled coil at €400 ($441) per ton FOB Astrakhan, with the estimated cost of freight to Anzali about $20 per ton.
Offers from ArcelorMittal Temirtau were heard at $415-430 per ton FOB Aktau, sources said, with freight costs of $8-15 per ton to Anzali, depending on the tonnage.
However, some sources noted that the price at the lower end of the range was more a customer desire than a real offer.
No new bookings have been heard in the market over the past week.
Metal Bulletin’s weekly assessment of import prices for 2-mm HRC in Iran increased to $430-460 per ton CFR Iranian ports on May 17, up from $428-450 per ton CFR last week.