Iranian Demand For Imported Flat Steel Rises
Financial Tribune reported that the downward trend in the global flat steel market has finally sparked interest in foreign material among Iranian customers and trading companies. Chinese stainless steel suppliers, under pressure from unfavorable conditions in their domestic market, have significantly reduced their export prices in recent weeks. This has affected other markets, notably in the Commonwealth of Independent States, forcing mills there to cut their export offers too.
The lower prices have attracted attention in the Iranian market, making imports profitable again despite the Middle Eastern country’s import duties, Metal Bulletin reported.
Kazakhstan’s ArcelorMittal Temirtau was heard offering 2 mm hot-rolled coil to Iran at USD 430 per tonne FOB Aktau. The estimated cost of freight to the Iranian northern port of Anzali is around USD 15 per tonne.
Russia’s MMK offered HRC for shipment in June at EUR 410-415 (USD 447-452) per tonne FOB Astrakhan, depending on the material size. This was EUR 20-25 (USD 22-25) per tonne lower week-on-week. The estimated cost of freight to Anzali for MMK material is around USD 20 per tonne.
Rumors were circulating around the market about a booking done at the upper end of the price range. However, no details were available as of Wednesday.
Chinese HRC from traders was available at USD 435-455 per tonne CFR southern ports of Iran, against USD 450-455 per tonne last week.
Several traders were heard to be in negotiations to buy material at the lower end of the range.
Collected by sanitaryvalvefittings.com