According to Metal Bulletin's report on Friday, suppliers of imported flat steel revised their offer prices upward, expecting buying activity to revive as soon as Iranian customers and other Middle East companies trading to this destination returned after the holidays.
Eid al-Fitr holidays fell on Monday and Tuesday in Iran this year. As Thursday and Friday are weekend in the country, official trading is not expected to resume until Saturday.
> Hot-Rolled Coil
Russia’s Magnitogorsk Iron & Steel Works, otherwise known as MMK, has increased its offers of August hot-rolled coil to €393-395 ($442-444) per ton FOB Astrakhan.
This was €5-8 ($6-9) per ton higher than recent offers of July-produced material heard the week before.
The estimated cost of freight to the northern Iranian port of Anzali currently varies around $15-16 per ton, sources said.
Recent bookings of MMK’s July HRC for the Iranian market were heard at €385 ($433) per ton FOB Astrakhan.
Meanwhile, recent deals for Kazakhstan-origin coil were done at $420 per ton FOB Aktau. This would be equivalent to $428-429 per ton CFR Anzali.
No newer offers have been heard from the mill so far.
Metal Bulletin’s price assessment for imported 2-mm HRC in Iran was $430-460 per ton CFR Iranian ports on June 28, against $430-445 per ton the week before.
> Cold-Rolled Coil
MMK also revised its offers for cold-rolled coil upward. August-produced material was heard available to Iranian customers last week at €460 ($517) per ton. This was up by €5-15 ($6-17) per ton against recent offers of July-produced material heard the week before.
No bookings have yet been heard done in Iran at this new price.
Meanwhile, Kazakhstan-origin CRC were heard booked in Iran recently within the range of $490-502 per ton FOB Aktau, depending on the thickness of the material.
The estimated cost of freight to the northern Iranian port of Aktau would be $8-9 per ton.
Metal Bulletin’s price assessment for CRC imports into Iran widened to $499-532 per ton CFR on June 28, compared with $499-510 per ton CFR the week before.
> Hot Dipped Galvanized Coil
Prices for imports of hot dipped galvanized coil have soared in Iran, following the recent rise in Chinese prices.
HDG in 1 mm gauge with zinc coating of 120 grams per square meter, of Chinese origin, was heard available in Iran at $490-500 per ton CFR southern ports.
A similar material from Kazakhstan and Russia was heard offered at $605 per ton FOB Caspian Sea.
These prices would be equivalent to $613-614 and $620-621 per ton CFR Anzali, respectively.
No new bookings were heard done over the past week.
Metal Bulletin’s price assessment for HDG imports in Iran rose by $35-44 per ton over the week to reach $590-600 per ton CFR.
Source: Financial Tribune