HRC uptrend in Iran picks up speed

Hot rolled coil (HRC) prices have accelerated their rising trend during the last few weeks in Iran, maintaining the upward movement which started when the Iranian market returned from its New Year holiday in early April. Foreign suppliers of HRC, mainly from the CIS, have raised their prices, now offering HRC at about $750-760/mt CFR Iranian northern ports, compared to levels of $700-715/mt CFR Iranian northern about three to four weeks ago.  
 
Local Iranian traders who import HRC from CIS countries are offering CIS origin 2 mm HRC at about $790-800/mt ex-stock Anzali port (Iranian port, southern Caspian Sea) for immediate delivery and cash payment, up from $730-735/mt about three weeks ago and up from $720-725/mt about five weeks ago. 
 
Higher sizes of HRC, i.e., 3-12 mm produced by main domestic flat steel supplier Mobarakeh Steel, are now standing at prices of about $770-855/mt ex-works Esfahan, up from $735-790/mt about three weeks ago and up from $745-760/mt five weeks ago.
 
On May 30, state-owned Mobarakeh Steel sold about 44,000 mt of hot rolled coil to the local market via the Iran Mercantile Exchange (IME) at about Rials 6.50-6.72 million/mt (about $615-640/mt) ex-works with 50-80 day delivery. Mobarakeh had been selling HRC via the IME at Rials 6.50-6.65 million/mt about two to three weeks ago.
 
US$1 = Rials 10,600 (formal rate)