Currently, 2-5 mm HRC from local traders is being transacted at $580-663/mt ex-stock Tehran, up from $537-577/mt just two weeks ago. Of course Mobarakeh has now resumed its HRC supplies and so the rising trend is likely to come to a halt and prices may even subside in the coming days.
On June 8, Mobarakeh sold about 235,000 mt of different HRC sizes via the Iran Mercantile Exchange (IME) at $460-473/mt ex-works with delivery of 45-75 days to local customers. Mobarakeh has not increased its price for HRC recently, even though HRC market prices have increased substantially over the last 10 days. Naturally, the lack of an increase in Mobarakeh's prices may in part help to cool the local market.
Most traders and market analysts hold the view that local HRC prices cannot remain at such a high level for long if Mobarakeh continues to supply material in the coming days. Of course global HRC prices constitute another major factor liable to influence local prices as part of the requirements of Iran's domestic HRC market are met by imported supplies.