Steel Market Stagnation Foils Buyers Attempts to Set Prices
Iranian steel buyers struggled to fix prices last week despite the stagnant market, which usually favors them in determining prices rather than sellers.
The above statement was made by Metal Bulletin, a London-based specialist international publisher and information provider for the global steel, non-ferrous and scrap metals markets.
In the free currency market, $1 could be exchanged for 36,000 rials on October 12, the same as last week. The official exchange rate on October 12, according to Oanda.com, was $1 to 30,102 rials.
Billet in sizes ranging from 125x125mm to 150x150mm traded last week at 13.10-13.50 million rials ($364-375) per ton ex-stock Tehran, up from 13.00-13.50 million rials ($361-375) per ton.
CIS suppliers offered billet at $350-360 per ton CFR Iranian northern ports, unchanged from the prior week.
There was no supply of billet through the Iran Mercantile Exchange last week. The latest supply of billet was three weeks ago, sold at 12.50 million rials ($347) per ton.
Local mills sold rebar at 15.00-15.50 million rials ($417-431) per ton ex-stock Tehran. This compared with 15.40-15.70 million rials ($428-436) per ton two weeks ago.
Major supplier Esfahan Steel Company sold small batches of rebar through the IME at 14.70-14.80 million rials ($408-411) per ton ex-stock, on 43-45 days’ delivery.
Hot rolled coil (2-5 mm) was sold at 18.30-19.00 million rials ($508-528) per ton ex-stock Tehran, compared with 18.00-19.20 million rials ($500-533) per ton last week.
Mobarakeh Steel Company sold some hot rolled coil last week at 15.96-16.37 million rials ($443-455) per ton ex-works, on 42 days’ delivery. It had sold similar material at 15.76-16.21 million rials ($438-450) per ton through the IME a few weeks ago.