According to market sources, demand in the local Iranian hot rolled coil (HRC) market has remained stagnated during the past two weeks due to Ramadan. Meanwhile, domestic HRC prices in the market are currently at IRR 17.8-18.1 million/mt ($498-513/mt) ex-warehouse for July shipment, including nine percent VAT.
On the other hand, market sources state that Iranian buyers have restarted their purchasing activities for import flat steel two weeks ago. According to market sources, Chinese HRC offers to Iran are currently at $350/mt CFR. Additionally, foreign suppliers' HRC offers to the same destination are now reportedly in the range of $340-370/mt CFR.
Moreover, SteelOrbis has been informed that Russian cold rolled coil (CRC) offers to Iran for dimensions of 0.7 mm and below are at $410-430/mt CFR.
$1 = IRR 35,270