Iran's Flat Steel Imports Remain Rusty
Buying activity was absent in the Iranian flat steel import market over the past week.
The main factor behind the halt in purchasing was the high price of foreign material, compared with that of domestic material.
Currently, prices for Russia- and Kazakhstan-origin hot rolled coil varies at $505-535 per ton CFR Anzali, depending on the month of shipment and payment terms.
Metal Bulletin’s weekly price assessment for Iranian imported HRC has dropped by $5 per ton on both ends of the range to $505-510 per ton CFR Iranian ports, against the previous week's $510-515 per ton CFR.
The assessment reflected the lowest offers heard in the market.
Despite this, considering the 20% import duty and 9% VAT imposed in the country, "importing material at current prices is unreasonable", Metal Bulletin was told.
"Considering that the current price for HRC in the domestic market is around $550 per ton ex-works, the minimum difference to imported material is $60-70 per ton," one trader said.
It has been more than two months since there were any bookings for HRC or CRC from external suppliers, another source said.
Another reason for the lack of buying activity was an expected reduction in import duty to 10%.
"Material that was booked in October and November has now arrived and is being unloaded at the port of Anzali," an international trader said. "But it is not customs-cleared yet, as everyone is waiting for clarification of the import tax issue."
source: Financial Tribune
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