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
On the first day of the week, the Iranian steel market started to rise due to the growth of the dollar price. Some steelmakers have stabilized their ceiling prices. It seems that in the current situation, reforming the structure of the stock exchange is vital to save some steel sectors.
Domestic hot-rolled coil prices in China extended their gains on Thursday July 1, with sustained expectations of production curbs in the second half of 2021 sending HRC futures to their highest in two weeks.
An OPEC summit was held on Friday to agree on increased production and rising oil prices. Despite the growth of countries' production due to the relative economic prosperity in the world after the curfew, we saw that the UAE opposed the final result in this meeting. At the meeting, Iran also wanted to reach production before the sanctions were imposed.