Iranian merchant bar prices rise but market still stagnant

The latest offers of 140-180 mm I-beam sizes in the local Iranian market are at $775-795/mt ex-stock Tehran, up from $730-770 just one week previous. While in the first week of political tension and unrest following the June 12 presidential election local I-beam prices registered a decrease, in the second week after the election there has been a recovery in I-beam prices though the market has remained stagnant. No significant transactions have been reported among traders, and end-users are purchasing only in order to satisfy urgent requirements.
 
On June 24 one ready stock batch of 180 mm I-beam (produced by Saudi Arabia-based United Gulf Steel) was sold via the Iran Mercantile Exchange (IME) at $637/mt ex-stock Iranian southern port of Bandar Abbas, while just one week before a batch of 140 mm and 180 mm I-beam sizes produced by the same plant was sold via the IME at about $606/mt ex-stock Bandar Abbas. Also on June 24, two other ready stock batches of 140 mm I-beam (produced by Russian steelmaker Zapsib) were sold through the IME at $625/mt ex-stock Tehran.
 
CIS and Chinese materials occupy the major share of the Iranian U-beam market. Russian origin 80-180 mm U-beam sizes are currently standing in a price range of $655-700/mt ex-stock Tehran, up from $630-670/mt the week before. Chinese U-beam, which has a large presence in the Iranian market, has a slightly lower price than Russian U-beam due to its lower quality. Iran's U-beam market has not stagnated to the same extent as the local I-beam and angle markets, since most of the market demand is met by imports and as inventories in the market at present are not high.
 
The local Iranian market for angles is currently stagnant, just like the local beam market, although angles prices are indicating some increase compared with last week. Iranian origin 30 x 30 mm -120 x 120 mm angles are now standing in the range of $665-700/mt ex-stock Tehran, up from $630-660/mt the week before. While there is a strong need for angles in the local market, most buyers are holding back from making purchases for the time being, waiting for more stable political and market conditions.