Long products were downward during last week in Iran. Prices declined by IRR 200,000 per metric tonne and is expected to continue downward trend in coming weeks as demand level is reducing. Besides, anticipation of lower billet price in near future increased market pressure. Inventory level is low, but market participants are pessimistic in future trend.
Everybody is in waiting policy, though steel mills are reducing offer levels too. Market participants mostly agreed that long products prices will drop another IRR 200,000 per metric tonne in coming week.
Source – Irsteel
Zhejiang Yaang Pipe Industry Co., Limited