While rebar prices had declined in January and February in the local Iranian market, the rising trend which started in March gradually pushed prices up to levels of about Rial 9.00 - 9.15 million/mt by mid-May. The upward movement of rebar prices in Iran resumed in the last week of May and this movement was reinforced by the devaluation of the Iranian rial on June 8. Lately, however, the rising trend of the Iranian rebar market has cooled down and some price decreases have been observed.
At present, local traders in Iran are selling rebar at Rial 8.50-8.60 million/mt ex-stock Tehran, including VAT, for immediate delivery and cash payment .
Rebar prices in the Iranian domestic market
Sizes |
Price million rials/mt (15.06.2011) |
Price million rials/mt (22.06.2011) |
Price million rials/mt (29.06.2011) |
Price million rials/mt (06.07.2011) |
12-25 mm |
9.10-9.25 |
8.60-9.00 |
8.60-8.80 |
8.50-8.60 |
On July 6, Iranian rolling mills sold 12-25 mm rebar via the Iran Mercantile Exchange (IME) at about Rial 8.10-8.60 million/mt for 15-90 day delivery, compared to Rial 8.10 million/mt on June 22 and down from Rial 8.85 million/mt on June 8.
US$1 = Rial 10,700 (official rate)
US$1 = Rial 12,000 (free market rate)