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Iran steel market trend in week 33rd

Billet price was downward during last week in Iran as expected. By last Saturday, domestic billet size 120 mm was IRR 16.7 million per tonne on truck including 8% VAT. Imported billet size 150 mm was IRR 17 million per tonne on truck in Anzali including 8% VAT and custom duties, which finished the week at IRR 16.4 million per tonne.

By middle of the week some rumors that billet import will not get official exchange, made billet price stable. Billet size 125 mm in import market was stable at IRR 17 million/mt including VAT and custom duties.

Stoppage of allocating currency from exchange room to import billet didn’t affect billet price due to:
1. Limited demand of long products
2. Enough supply level of domestic billet producers which satisfy market needs.

If infrastructure projects were active and long products were in good demand, this announcement would change market trend. Besides, number of Iranian billet producers is increasing and two new production lines will start in near future with annual production capacity of 1 million tones for each one.

Nominal production capacity of billet producers is totally 17 million tonnes per year but many mills working under their economical capacity level at the moment. Therefore, this decision by related authorities would help to protect domestic market.

At the moment Iranian billet producers are worried about their scrap need, but it seems that this problem would be relieved in near future as a big complex is planning to satisfy domestic scrap needs.

Source – Irsteel

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