Iranian Billet Price Rises Post Persian New Year Holidays

Iran, one of the largest steel producer and exporter in the world and one of the largest crude steel manufacture in MENA region has witnessed an increase in domestic billet prices last week. The Persian New Year started on 21 Mar’18 owing to which market was off due to holiday season. However, post holidays, the market re-opened last week and witnessed a hike in domestic billet prices.

Iranian billet price before New Year was noted to be around IRR 21,720/KG (USD 455/MT) on 12-Mar’18. Price inched down to IRR 21,460/MT (USD 450/MT) towards the end of the last of previous Persian new year. Post Persian New Year holidays the market is reported to open at around IRR 22,970/KG (USD 455/MT) on 03-Apr’18 and around IRR 23,310/KG (USD 462/MT) on 04-Apr’18. The current export offers for Iranian billet are ranging within $510‑515/t FOB

As per Planner “The market is still not resuming its operation since most of the players have been on holidays. But we can see some rise in IF billet manufacturers but that is also not based on any rationale and they are taking advantage of unclear situation, it is expected that from Saturday we might be able to see the clear picture.

On the last week of the previous Persian new year(10-03 till 15-03’18), Scrap was traded at around IRR 17,080/KG to IRR 17,330/KG (USD 358-363/MT). The difference between scrap and billet was reported to be around IRR 4,300-IRR 4,620/KG (USD 90-97/MT). On parallel lines rebar was traded at around IRR 24,590-IRR 24,610/KG (USD 56-67/MT).

Post Persian new year holidays, the price of scrap was noted to be around IRR 16,980/KG (USD 336/MT) on 03-Apr’18 and on 04-Apr’18, prices went up to IRR 17,040/KG (USD 337/MT). On parallel lines rebar was traded at around IRR 25,490/KG (USD 505/MT) on 03-Apr’18. Prices went up on next day to IRR 25,750/KG (USD 510/MT).

Source: Planner
Quantity in IRR/KG
1 USD = IRR 47,740 (12-03 till 15-03’18)
1 USD = IRR 50,050 (03-04 till 04-04’18)