Merchant bar prices have continued to rise rapidly in the last two weeks in Iran amid the depreciation of the Iranian rial against foreign currencies. Currently, one US dollar can be exchanged for 16,800-17,000 rials in the free market, compared to about 13,500 rials around one month ago.
U-beam and angles have recorded the highest price increases in the last few weeks in Iran, while prices of small sizes of I-beam (140-180 mm) have also been rising. However, prices of some large I-beam sizes (200-270 mm) have fallen in the same period. Meanwhile, transaction volumes in the Iranian merchant bar market have fallen in the last few weeks as both sellers and buyers prefer to withdraw from the market and await further developments.
At present, local Iranian traders are offering 140-270 mm I-beam at Rial 10.40- 15.35 million/mt ($924-1,364/mt), up from Rial 10.25-15.61 million/mt one week ago and up from Rial 9.90-17.75 million/mt two weeks ago.
U-beam prices have likewise been rising in the last few weeks in Iran. Prices of 80-160 mm U-beam (Iranian and Russian origin) are now standing at about Rial 11.60-11.80 million/mt ex-stock Tehran.
Iranian origin equal angle sizes of 30 x 30 mm - 120 x 120 mm are currently priced at about Rial 10.50 -11.10 million/mt ex-stock Tehran.
Merchant bar prices in Iran can be viewed in the SteelOrbis price reports section.
US$1 = Rial 11,250 (formal rate)