The Iranian steel market has recovered slightly over the past week, despite stagnation, although such rallies rarely last for long, UK-based specialist international publisher and information provider for the global steel, non-ferrous and scrap metals markets Metal Bulletin reported.
The exchange rates of hard currencies against the Iranian rial play a determining role in the pricing of steel in the local market.
In the free currency market, $1 could be exchanged for 35,600 rials on September 7, down by 100 rials week-on-week. The official exchange rate on September 7 was $1 to 30,102 rials.
Billet in sizes from 125x125mm to 150x150mm traded this week at 13.2-13.7 million rials ($371-385) per ton ex-stock Tehran, up from 13-13.5 million rials ($365-379) per ton.
CIS suppliers offered billet at $340-350 per ton CFR Iranian northern ports, unchanged from last week.
Khouzestan Steel Company, Iran’s principal supplier of semi-finished steel, sold some batches of billet at 12.50 million rials ($351) per ton, on 45 days’ delivery, through the Iran Mercantile Exchange.
Local mills sold rebar at 15.6-16 million rials ($438-449) per ton ex-stock Tehran, compared with 15.6-15.9 million rials ($438-447) per ton last week.
Esfahan Steel Company sold small batches of rebar through the IME at 14.3 million rials ($402) per ton ex-stock, on seven days’ delivery.
Hot rolled coil (2-5mm) was sold at 18.35-19.5 million rials ($515-548) per ton ex-stock Tehran, compared with 18.2-19.4 million rials ($511-545) per ton last week.
Mobarakeh Steel Company sold some batches of hot rolled coil this week at 15.45-15.65 million rials ($434-440) per ton ex-works, on 75 days’ delivery, again through the IME.
