NEWS
IRON and STEEL  

Downtrend Continues in Iranian Domestic Billet Offers

Downtrend in Iranian domestic billet market still continue, resulting to downfall of domestic billet offers. There is less demand of finished steel as construction industry is down owing to US sanctions.

Steel manufacturers are receiving limited enquires from the buyers which has affected export offers as well. Iranian billet export offers has further come down to USD 390-395/MT from around USD 400-405/MT FoB Iran.

As per SteelMint’s assessment, domestic billet offers during the beginning of week 50 (08 Dec-13 Dec’18) was noted to be around IRR 31,690/KG (USD 755/MT). On next day, offers decreased further to IRR 30,660/KG (USD 730/MT). During the mid-week, offers went down to IRR 29,600/KG (USD 705/MT). Towards the end of week billet offers dropper further by USD 50/MT, in domestic market offers were noted to be around IRR 27,380/KG (USD 652/MT).

According to Planner Iran, “The recession is dominant in Iran market. IRR is still strengthening and the prices are adjusted downward. But still buyers are not so much interested in buying.”

IR Steel quoted, “Actually market participants are waiting for Khouzestan Steel co new offer price, therefore, DRI offer at IME ( Iran Mercantile Exchange) at base price of USD 378 /MT ex-work excluding 9% VAT had no buyer. Based on current price of billet, DRI price should be lower than USD 309 /MT. If current rumors about new price of USD 681 /MT for Khouzestan Steel co billet becomes true, DRI price would drop to around USD 286 /MT.”

Domestic Scrap and Rebar Offers Witness Downfall

Domestic scrap offers during week 50 were noted to be around IRR 23,990- 27,540/KG (USD 571-565/MT). Scrap offers fall almost by 15% W-o-W against USD 673/MT noted in last week. On parallel line, rebar domestic offers were down in week 50. As per SteelMint’s assessment domestic rebar offers were noted to be around IRR 34,830- 38,360/KG (USD 829-913/MT)

News No: 3028
Date: 2018/12/21 - 14:30
News Source: SteelMint

Iranian Domestic Billet  Khouzestan Steel co  Steel  DRI  Iran Mercantile Exchange 

Comments:

Leave a Comment:

   
   
   
 

Slower growth weighs on base metals but constructive for gold, CIBC says

The negative effects of trade disputes on global growth this year will push down demand for base metals and steel-making commodities, while the economic uncertainty will drive gold prices higher, CIBC says.
 

Iran to Mark 40th Anniversary of Revolution with 576 Industrial Projects

Iran will mark the completion of 576 industrial, mineral and trade projects during the Ten-Day Fajr (Dawn) celebrations (to start on February 01), to commemorate the 40 anniversary of the victory of the Islamic Revolution of 1979.
 

Iran to Open New Steel Mill

A new steel ingot production unit will open in the city of Sirjan, Iran’s province of Kerman, in early February, an Iranian lawmaker said, adding that the opening ceremony will be attended by First Vice-President Es’haq Jahangiri.
 

Indian Sponge Makers Prefers Iron ore Over Pellets

Amid significant fall in domestic Iron ore prices, the sponge manufacturers in Central, East & Southern India are shifting their interest towards Iron ore rather than pellets.
 

Vietnam’s Steel Imports Fall, Exports Surge in 2018

Vietnam’s steel import-export numbers are out and according to country’s customs data, Vietnam’s steel imports have registered a fall of 9.6% y-o-y basis in 2018 and is recorded at 13.6 MnT whereas in terms of value the same has increased by 9% in 2018 against previous year and is recorded at USD 9.9 billion.
 

South Africa Pig Iron Exports Rise in November

South Africa pig iron exports surge by around 12,500 MT (19.69%) M-o-M & 24,500 MT (48.34%) Y-o-Y in Nov’18 & recorded three month high, according to the customs.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners