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 Asian scrap metal market has been growing rapidly over the past year. Japan is the flagship of the use of scrap iron in the Asian steel industry. Last year, Vietnam performed very well and satisfactorily in this area. Using electric arc furnaces and changing their feed to scrap iron can be a great opportunity to adjust the price of iron ore.
The domestic steel market has been affected by the growth of the dollar price and the disappointing news of the Barjami negotiation process on the one hand and the stabilization of world prices on the other hand have been accompanied by a price increase. This price increase has disabled the wheel of Iran's steel economy and taken customers out of the market. A basic idea for the price of iron ore in the domestic market must be removed.
In the current situation, Iran's economy is strongly tied to the issue of Borjam. "The nuclear deal will return to its 2015 terms if approved, and this is not what Iran is looking for," Reuters reported. But in the current situation, the economic pressure on Iran has led some to think that Iran will be satisfied with this agreement. With the arrival of the new government, the possibility of an agreement on Borjam has been faced with an aura of ambiguity.
Hot-rolled coil prices across China’s domestic market moved higher on Wednesday June 30, supported by futures prices that are underpinned by expectations of lower production for the rest of this year.