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The price of steel ingots in the export sector and the domestic market has increased significantly due to frequent power outages and distancing from production programs. Continuation of this trend can lead to irreparable economic losses for the Iranian economy. Due to the middle nature of steel ingot prices, price growth in this sector can lead to price growth in the whole chain.
Spot demand for imported hot-rolled coil in Vietnam dipped in the week to Friday July 23 after major domestic producers in the Southeast Asian country issued new offers.
Domestic prices for hot-rolled coil in China cruised higher on Friday July 23 after the country’s third-largest steelmaking province announced a ceiling for its crude steel output for 2021.
Restrictions on steel production due to industrial power outages in July this year caused it to experience significant growth as steel prices fell this month. Ribbed rebar has grown by a total of 11 percent and the entire steel chain by an average of 30 percent. Continuation of the stagflation of the steel market will cause irreparable damage to Iran's industrial economy.