Iranian Billet Prices Inches Down Owing to Persian New Year Holidays

Iran, one of the largest semi-finished steel producer and exporter in the world and one of the largest crude steel manufacture in MENA region has witnessed stability in domestic billet prices. The nation is celebrating Persian New Year which marks the end of previous Persian year on 20-Mar’18. Owing to holidays and ongoing celebrations, the steel market was reported to be calm and quite.

Iranian market opened on Saturday (10-Mar’18) with billet price as IRR 21,950/KG (USD 460/MT). Price moved down slightly to IRR 21,740/KG (USD 455/MT) on Sunday. On Monday, prices was noted to be around IRR 21,720/KG (USD 455/MT). During mid-week billet price was noted to be around IRR 21,540/KG (USD 451/MT) and towards the end of the week prices were hovering at around IRR 21,380/KG (USD 448/MT) to IRR 21,460(USD 450/MT).

It was the last week of current Persian year (21 Mar’17-20 Mar’18) and the market was really calm. No significant rise and fall is seen in the market. Traders have stopped restocking and ceased trade as reported by Planner.

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).

Iran’s Ministry of Industries, Mining and Trade Bans Steel Price Increase at Mercantile Exchange

As per Tehran Chamber of Commerce, Industries, Mines and Agriculture, The Ministry of Industries, Mining and Trade of Iran has banned price increase for all steel products at Iran Mercantile Exchange up 21-Jun’18 over the command and orders of private producers and downstream users.

The ministry has also made it mandatory for big producers to increase their offerings at IME and refrain from selling the products outside the mercantile exchange

Quantity in IRR/KG
I USD = IRR  47,740
Inputs taken from Planner and Financial Tribune