How FATF Decision Will Impact Iran Steel Prices?
Iran failed to comply with international anti-terrorism funding norms following which the the country got black listed by the Financial Action Task Force (FATF) last week on 21 Feb’20.
“The FATF fully lifts the suspension of counter-measures and calls on its members and urges all jurisdictions to apply effective counter-measures,” the watchdog said in a statement published on its website Friday. However, reacting to the global watchdog decision, Abdolnasser Hemmati, the Central Bank of Iran’s Governor, discounted the FATF move, saying “it won’t pose any obstacle to Iran’s foreign trade and stability in currency rates”, Financial Tribune report shows.
Following this, Iran domestic billet prices witnessed a sharp rise
The event has given a rapid boost to the country’s domestic billet prices, which were already on a climbing mode due to the blackouts caused by shortage of natural gas and hence could become the possible reason for material shortage. Owing to above mentioned factors, the Iranian buyers are continuously restocking the material, so that they have enough stock in case of further positive price correction.
The Iranian domestic billet (150*150mm, 3SP) prices have reached to IRR 61,000/kg (USD 415/MT) on 24 Feb’20 from IRR 54,000/kg on 19 Feb’20, up USD 10-12/MT; the prices are inclusive of taxes.
Meanwhile, SteelMint’s assessment for billet export offers from Iran is at USD 385-390/MT, FoB Iran.
source: SteelMint
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