Iranian HRC market rises after the New Year holiday

Hot rolled coil (HRC) prices have risen in the local Iranian market in the last two weeks, after the reopening of the market following the Iranian New Year holiday which lasted from March 21 to April 3. Local market demand for HRC is still not so strong, especially as activity has just resumed after the holiday. Some local traders are getting ready to place new orders, though high inventory as well as weak demand is keeping other traders out of market for the time being.
 
Local Iranian traders who import HRC from CIS countries are offering CIS origin 2 mm HRC thickness at about $715-720/mt ex-stock Anzali port (Iranian port, southern Caspian Sea) for immediate delivery and cash payment, up from $700-710/mt about five weeks ago and up from $670-680/mt about eight weeks ago. 
 
Higher sizes of HRC, i.e., 3-12 mm produced by main domestic flat steel producer Mobarakeh Steel, are now standing at prices of about $730-750/mt ex-works Esfahan, which is at the same level as a few weeks ago, but is up from $710-720/mt about eight weeks.
 
On April 11, state-owned Mobarakeh Steel sold about 50,000 mt of hot rolled coil to the local market via the Iran Mercantile Exchange (IME) at about Rials 650-665 million/mt (about $625-640/mt ex-works) with 70-day delivery. Mobarakeh Steel has not changed its prices for local buyers in the past few weeks despite the fluctuations seen in the domestic market.
 
At present, CIS suppliers are offering 2 mm HRC at about $750-760/mt CFR Iranian northern ports, up from $730-750/mt in early March, but down from $770-780/mt in early February.
 
 
US$1 = Rials 10,400 (official rate)