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The proposal follows a significant drop in import volumes of flat steel products into the country during the current Iranian year, which began on March 21, 2018.
Over the first three months of this period (March 21-June 21), HRC import volumes dropped by 71% year-on-year, to 88,000 tonnes, while CRC volumes decreased by 41%, to 96,000 tonnes, according to the Iranian Steel Producers Association. Russia and Kazakhstan were the major flat steel suppliers to the country.
Import volumes of steel products to Iran shrank because of weak demand, comparatively lower domestic prices, and the continuing loss in value of the national currency.
On July 31, the Iranian rial was trading at IRR100,000 to $2.265, compared with IRR100,000 to $3.060 on the corresponding date last year.
Additionally, on July 17, Russian and Kazakh suppliers announced that they will stop exporting materials to Iran due to the re-imposition of trading sanctions against the country by the United States in early August.
Therefore, Metal Bulletin is proposing to discontinue its assessments for Iranian imports of HRC and CRC, specified as below.
Assessment: Iran, import, hot-rolled coil, $ per tonne cfr Iranian ports Dimensions: Width 1,000-1,500mm, thickness 2mm Quantity: Standard order size 2,000-5,000 tonnes Location: cfr Iranian ports Timing: 6-8 weeks lead time Unit: $ per tonne Payment terms: Cash, L/C Publication: Weekly; Wednesday, 3-4pm London time
Assessment: Iran, import, cold-rolled coil, $ per tonne cfr Iranian ports Dimensions: Width 1,000-1,500mm, thickness 0.5-0.6mm Quantity: Standard order size 1,000-3,000 tonnes Location: cfr Iranian ports Timing: 6-8 weeks Unit: $ per tonne Payment terms: Cash Publication: Weekly; Wednesday, 3-4pm London time.
The consultation period for this price discontinuation will end one month from the date of this pricing notice, on August 31, 2018, with changes taking place, subject to market feedback, from September 3, 2018.
All historical data relating to this price assessment prior to its suspension will remain available in the pricing section of the Metal Bulletin website.
To provide feedback on this price, or if you would like to provide price information by becoming a data submitter, please contact Vlada Novokreshchenova by email at: pricing@metalbulletin.com. Please add the subject heading “FAO: Vlada Novokreshchenova, re: Iran import hot-rolled coil (HRC) and cold-rolled coil (CRC) prices.”
To see all Metal Bulletin’s pricing methodology and specification documents, go to https://www.metalbulletin.com/prices/pricing-methodology.html