At the beginning of the week, the Commodity Exchange recorded very low developments and relatively low trades.We are in a situation where domestic prices have risen very unreasonably and with an irrational growth, and in practice, the supply and demand cycle in the commodity exchange has faced problems. In the following, we will evaluate this issue. Please be with Artan Press.
*** The latest developments in the commodity exchange in the field of steel
According to the information of the online trading board of the Commodity Exchange, yesterday, the supply of 10,000 tons of RST alloy steel alloy ingots of Pasargad was faced with an order of 1,000 tons and was traded at a base price of 138,000 Rials. Also, the supply of 90,000 tons of steel rails has been exchanged with an order of 180 tons on the base price of 295,000 Rials. Supply of one thousand and 12 tons of Zobahan sloping wing beam was traded with a base price of 169 thousand Rials
*** Take a look at the flagship offerings on the Commodity Exchange
The supply of 3,014 tons of Yazd industrial and construction steel coil rebar was met with only 242 tons. This supply was also sold at a base price of 155 thousand Rials. According to the information of the online board, the supply of 35 thousand and 90 tons of hot rolled sheet for Mobarakeh Steel of Isfahan was exchanged with a demand of 27 thousand and 500 tons at its base price of 211 thousand and 742 Rials. Also, 44,400 tons out of 50,000 tons of cold rolled sheets for Mobarakeh Steel were sold at a base price of 243,166 Rials.
*** Commodity exchange developments in the field of rebar
According to the completion of the price ranking table of yesterday, the ribbed rebar market until the end of the trading period in the price range of about 15,000 to 15,600 Tomans per kilogram, including VAT; Yesterday, the average price of this market was about 15,320 to 15,330 Tomans per kilogram, including VAT, with a decrease of 50 to 60 Tomans compared to last Wednesday. Some basics of ribbed rebar sales; During Thursdays last week and this week; They have included a reduction of between 100 and 200 Tomans in the offered price of their product. But for now, the majority of this market is still mostly stable.
*** Evaluate cans and steel profiles
Some hearings from the market of cans and profiles so far, mainly with stability up to a decrease of 100 to 150 Tomans have been reported in some sales outlets in this area. Offer a high-consumption product produced from 2 mm thick sheet in this field, mainly between 23,500 to 24,600 Tomans, including VAT; Depending on the type of sheet used and the quality and reputation of the manufacturer, we have evaluated.
*** Disadvantages of market improvement in the short term
Prices outside this price range are also heard but are not common in the market. Although most audiences and consumers are respected; The outer shell of the market is often observed, indicating a severely sluggish final product market. But the more we delve deeper, the less hope we have for improving this market for the general public, or increasing the purchasing power of the end consumer. It is enough to take a look at the market of scrap iron and sponge iron. Iron scrap these days is bought by steel mills for between 10 and 11.5 thousand tomans. This figure is almost equal to world rates compared to 20300 Tomans and half $ 500 of Turkish scrap. This is by no means a good signal for our domestic market and domestic consumers.
*** Pests of steel transactions at world rates
When raw materials are traded at world prices in the domestic market; This is a warning to the domestic consumer to be aware. This means that current prices in the long steel section market cannot be looked at as a bubble. Sometimes we have seen at different times that the distance between raw material prices, such as scrap iron, and other layers of the supply chain is unusual, and we refer to it as the bubble; But when we see scrap at the global rate in the domestic market these days, we feel a bit dangerous about naming the bubble.
*** Commodity exchange developments and consumer policy change
The red line of the domestic consumer, as a fair and clear border, is the export prices, and it is obvious that the steelmakers do not have the right to impose rates higher than the prices they sell to foreigners in the export markets. If this situation continues; This behavior will be nothing but an example of overselling and abuses of domestic consumer rights and the people. It will definitely be stopped sooner or later. Unless fundamental propositions such as the half-exchange rate and the export steel rate rise again. In a completely experimental way to estimate the equilibrium price of the final product price, especially ribbed rebar in the domestic market, a simple experimental formula can be used to draw the equilibrium line for this purpose.
*** Evaluate the price situation in commodity exchange transactions
Regardless of any comments made by steelmakers or rollers or any other activist in the country’s steel supply chain; Usually taking into account the average rate of scrap iron plus a figure around 25 to finally 30% for the ingot manufacturer and about 8 to 10% for the rolling manufacturer; That is, a total of about 40% on the iron scrap rate; The approximate equilibrium rate of the final product in the domestic market can be achieved.
This formula tells us that as long as the price of raw materials in the domestic market can not make a significant retreat; One cannot wait for the miracle of a fundamental price reduction by the final product, and the slogan of sympathy does not cure the pain of the domestic consumer. Therefore, if you still hear scrap iron worth 10,000 Tomans in your streets, neighborhoods and markets; For now, in the short term, we should not be happy with the significant reduction in steel prices in the commodity exchange and the free market.
*** Commodity exchange developments from the perspective of policymakers
Commodity exchanges are well aware of any price increase signals that are simply issued by them at this location and The fact of the matter is that our domestic market regulators, especially rate regulators imposed on the domestic market; In fact, it is a current from which to return in the current situation of the country due to sanctions and other existing problems; And due to the nature of our commodity market prices stick to the ceiling of market rates; They will not simply retreat, so they should be aware of the consequences of the decisions they make and look at the interests of the country.
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