Iranian Billet Prices Remain Stable Amid Holidays
Iran, one of the largest producer of semi-finished steel in MENA region has recently uplifted the upper limit at its commodity exchange.
Owing to which the gap of billet price that were offered at exchange and spot market has reduced significantly. It has also decreased the speculative demand of billet at exchange as currently the prices of billet at IME is almost equivalent to the market rate.
No considerable increase was witnessed at billet price last week owing to a major festival in Iran. As per SteelMint assessment billet prices during week 38 was hovering at around IRR 37,300/kg to IRR 37,700/KG (USD 888-897/MT).
As per Planner “The upper limit has been removed from IME, the prices are going downward and no speculative demand has been has been seen. All the material offered at IME has been sold mostly with no significant competition.” There has been a concern on rise in billet production and comparatively decrease in export. If nothing urgent has done then it might a problem for steelmakers.
Price of scrap during the last week has increased from IRR 27,500/KG (USD 655/MT) to IRR 28,100/KG (USD 670/MT), whereas rebar price decreased from IRR 45,330/KG (USD 1079/MT) to IRR 44,300/KG (USD 1055/MT).
Quantity in IRR/KG
Source: Planner
Major Iranian Steelmakers Traded at IME
Esfahan Steel Company sold 11,000 MT 5 SP bloom at IME on 22-Sep’18 for IRR 34,864/KG. South Kaveh Steel sold 5000 MT 5 SP bloom at IME for IRR 35,000/KG on 22 Sep’18 against the demand of 5500 MT. Khorasan Steel also sold 5000 MT 5 SP bloom on 22 Sep’18 for 34,864/KG.
It is clearly visible that the speculative demand at IME has reduced significantly because of the removal of upper limit.
source: SteelMint
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