London-based specialist international publisher and information provider for the global steel, non-ferrous and scrap metals markets, Metal Bulletin, has discontinued its Iran import hot-rolled coil and cold-rolled coil prices.
The rates were assessed on a weekly basis and published every Wednesday.
The discontinuation 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, FastMarkets reported.
Over the first five months of this period (March 21-July 22), HRC import volumes dropped by 72% year-on-year, to 105,000 tons, while CRC volumes fell by 36%, to 122,000 tons, the Iranian Steel Producers Association said.
Russia and Kazakhstan were 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 August 31, the Iranian currency was trading at 100,000 rials to $2.37, compared with 100,000 rials to $3.01 on the corresponding date in 2017.
Additionally, on July 17 this year, Russian and Kazakh suppliers announced that they would stop exporting materials to Iran due to the reimposition of trading sanctions against the country by the United States in early August.
Metal Bulletin is the premium intelligence service for metals and steel professionals everywhere. Covering all global metals and steel markets, it provides a comprehensive package of the latest news, pricing information, expert market commentary and statistics.
It covered in detail carbon steel, stainless and special steel, scrap, ores and alloys, raw materials, minor and precious metals, and base metals with additional coverage of freight news, capital markets and exchange news and prices.