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Iran Steel Market Rallies

Iran Steel Market Rallies Iran Steel Market Rallies

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.

 

Financialtribune.com