CHINA REBAR: Sentiment bearish despite higher mill offers pushing up prices China import billet prices largely flat but sellers bullish Iron ore market on Chinese market holidays Alliance of Russian steelmakers to protect environment China Development and Reform Commission efforts to supply steel power
The Tehran Stock Exchange resumed its green path on Saturday after a sharp drop in the index in recent months. Elections and elected promises of the nation regarding the improvement of capital market conditions have been one of the most important factors for the positive markets. Along with the growth of the stock market index, the price of gold has recorded a significant decrease.
Turkish steel producers started the week with no new bookings on Monday June 21 amid limited finished steel demand, especially in the export markets, sources told Fastmarkets.
China’s domestic rebar prices fell sharply on Monday June 21 amid weaker demand and declining iron ore futures.
Domestic prices for steel rebar in Russia’s Central Federal District around Moscow remained firm in the week to June 21 with good demand from construction, sources told Fastmarkets.
In the domestic market of Iran, the price of steel ingots on the stock exchange and the open market is traded with a significant price margin. There are several reasons for this. From the mischief of market speculation to the difference between the exchange rate and the free exchange rate. However, the continuation of this trend is very much to the detriment of weak manufacturing companies and far from the supply of exports in the country.
The new week in global markets was accompanied by a drop in steel prices in many steel bases. The main reason for the decline in steel prices in international exchanges should be attributed to China's control behavior. Continuation of this trend along with the strengthening of the dollar will cause the global steel market to fall into a temporary slump in transactions.
The domestic market for flat steel in Russia’s Central Federal District around Moscow was largely stable in the week to Monday June 21, with most sources expecting either a rollover or even a downward correction in the short term, Fastmarkets heard.