EghtesadOnline: Iranian buyers now prefer locally produced flats, as their prices are more competitive compared to those of imported material.
“When domestic quotes rose, we bought large volumes of imported products. Now the situation has changed and it is no longer profitable to buy from foreign suppliers,” a trader told Metal Expert. Besides, the December rial depreciation affected imports Iran bought over the month. Russian steelmaker MMK has reduced prices for HR coils with March shipment by $10-20/ton over the month to $510-520/ton CFR Anzali. “ArcelorMittal is ready to ship its material to Iran at $510/ton FOB, but the local material is now much more popular. So, the producer is selling products to alternative buyers at $10-20/ton higher,” another trader said. Meanwhile, according to Financial Tribune, business activity on Iran Mercantile Exchange has stayed rather high. Over the month, Mobarakeh Steel Company sold 258,900 tons of HR flats, 124,900 tons of CR flats and 16,600 tons of HDG coils via IME.