Yesterday, the approval of the Commodity Exchange Organization regarding the change of the supply method and how to determine the base price of steel was presented to the market. In this regard, changes in the market trading system will probably occur and we will see changes. In the following, we will evaluate the changes resulting from this market. Please be with Artan Press
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*** The most important provisions of the Commodity Exchange approval
The most important provisions of the Commodity Exchange Resolution are based on the fact that from now on, companies can not add 3% to their previous supply price every week without a reason. The hand of companies has been shortened to increase the linearity of the lines. This issue is conditional on the observance of some issues that in fact their sales performance should be examined.
On the other hand, if the company does not want to reduce its base price; It must offer a suitable basket in order to have a sales performance in the commodity exchange. This will be a kind of obstacle to the formal supply of companies. It seems that the decision of the Commodity Exchange is in line with regulating the market and moving towards customer orientation in the Steel Exchange. An issue that has not been heard from in the market for several months and there is no trace of it.
*** The bargaining power of customers in the new approval of the commodity exchange
But the question is to what extent this resolution can increase the bargaining power of customers. Certainly, we have to be patient to see what the effect of this decree will be on the quality of the arrangement of supply portfolios and stock exchange transactions. It seems to follow the discussions previously discussed about the type of goods and the arrangement of the baskets; The supply of some special goods, such as alloy ingots or industrial rebars and wide-wing beams, is separated from the supply of common products in the market, which is a good action. The approval of the Commodity Exchange can completely change the extreme procedure in the growth of prices and be the beginning of the process of price adjustment. Of course, due to the preconditions for its implementation, it remains to be seen how far it will go according to plan.
If we put the Commodity Exchange resolution along with other resolutions of this organization, we will reach a half-completed puzzle. It is likely that the government in the final months of its administration intended to pave the way for lower prices. For example, eight transparency systems have been established in the Ministry of Cooperation, so that last year all companies were issued a circular that all goods that can be offered on the commodity exchange. Therefore, they had to be offered in the commodity exchange, and this goal has been implemented in some companies. Of course, we have a long way to go to improve the situation, but even these small steps can be promising.
*** Reduction of hidden prices in the new commodity exchange approval
In the resolution of the Exchange Organization, there was talk of reducing prices in a secret way. This will upset the loss-making sectors of the steel industry, such as rollers. In this regard, meetings have been held to convince and sometimes find a way out of this part of the steel industry from this crisis, and some of them have been held since the beginning of this week.
The aim is to encourage and guide the rolling field to maintain current price levels and in a way to try to coordinate to increase the price of the final product in the domestic market in order to align the rolling field margin. To keep the rolling field satisfied; Naturally, in the event that they do not agree to an obvious withdrawal of the price of ingots; Their guide will be to maintain current prices and increase until the target product price range is reached. This model of propositions shows that the decision of the stock exchange organization has a long way to go.
*** Condition for the implementation of the commodity exchange resolution
Pricing or command pricing does not appear in the market as the creator of the hour. Unfortunately, the non-convergence of some resolutions as a result of the actions of market participants and some sabotage has caused the steel market in Iran to grapple with this amount of polarization. Unfortunately, there are hands in the market that do not allow the market to fall below a certain level in equilibrium.
They usually keep prices above market expectations with fake purchases. It should be noted that the accuracy of the commodity exchange resolution depends on the greatness of its implementation. In the end, we see that some major market participants refused to raise the prices of their products. Although this is not in their interest and they certainly did not get the chance, changes in government structure have likely paved the way for their withdrawal.
*** Satisfaction of the private sector rolling field
The main efforts to satisfy the private sector rolling field at the moment there is no other way forward and apparently maintaining the floor price of 15,000 Tomans including VAT rebar and trying to increase the price of this field in the form of steps. Apparently, according to the available signs and figures of the world and the dollar, up to 16 thousand tomans, if they can increase the price of stock exchange rebar; If successful, they will stimulate demand for the final product in the domestic market, which, despite all efforts, has so far failed to satisfy domestic demand. It is hoped that by controlling prices they will be able to save the rolling field. For this reason, it is necessary to exclude this issue for a limited period of time in the approval of the stock exchange organization.
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