EghtesadOnline: Imported hot-rolled coil prices in Iran continued to grow in the week ending July 26, as producers in the Commonwealth of independent States increased offers.
CIS mills are major suppliers to Iran, but traders supplying material to Iran and Iranian customers themselves showed little interest in imported material at the higher prices, sources said.
Metal Bulletin’s price assessment for imported 2-mm HRC in Iran was $488-528 per ton CFR Iranian ports on July 26, up from $470-500 per ton in the preceding week.
The growth in CIS HRC prices has been fuelled by the increase in Chinese export prices for flat steel products, which have risen by $30-35 per ton since the start of July, Financial Tribune reported.
Recent offers of 2-mm HRC from Russia’s Magnitogorsk Iron & Steel Works, otherwise known as MMK, were heard at €440 ($513) per ton FOB Astrakhan, sources said.
This would be equivalent to $528-529 per ton CFR, considering the cost of freight to the northern Iranian port of Anzali, which is currently $15-16 per ton.
One source said there had been some bookings of the material at that price level, but this could not be verified at the time of publication.
Kazakhstan-based ArcelorMittal Temirtau was not officially offering any HRC last week, as it was "looking for [a] better price," a source told Metal Bulletin
However, an offer from the company was heard this week at $480 per ton FOB Aktau, or $488-489 per ton CFR Anzali.
Metal Bulletin’s weekly price assessment for imported CRC in Iran moved up slightly, as a result of euro-dollar fluctuations, to $548-586 per ton CFR Iranian ports on July 26, up from $548-581 per ton in the preceding week.
Recent CRC offers from MMK were heard at €490 ($571) per ton FOB Astrakhan, or $586-587 per ton CFR Anzali.
CRC offers from Kazakhstan were most recently heard at $540 per ton FOB Aktau, or $548-549 per ton CFR Anzali, sources said.