In recent days, the steel market has been the main topic of candidates' promises. Since the heavy knot of Iran's economy is in the housing sector, this area plays an important role in relieving macroeconomic challenges. Iran Steel is in a situation that needs action. Crisis management planning has been repeated many times.
Iran's steel market has experienced an unimaginable recession due to exchange rate fluctuations and prices approaching global trading rates. In this situation, however, some steel fields are accompanied by price growth, which, of course, do not have a stable buyer. The field of profiles, cans and sheets in the market yesterday is part of this category. Steel market movements these days are heavily focused on political issues.
Iron ore physical prices rose on Wednesday June 2, while low-grade fines increased on buying interest from Chinese steel mills, sources said.
The October HRC futures contract closed at 5,017 yuan per tonne on Wednesday, down 264 yuan per tonne from the previous day. Prices are expected to fall in China at the moment. Due to the high cost of infrastructure in China, the country's economy can not keep up with growing demand. Therefore, we are witnessing mandatory pricing in the Chinese steel market.
Hot-rolled coil prices in China’s domestic market traded in a smaller range on Wednesday June 2, following the volatility in Tuesday’s session driven by uncertainty over production curbs in Tangshan.