TEHRAN, Iran, June 23
Trend:
Iran's total steel ingot production is over 17 million tons a year and now there is ability to export about 10 million steel ingots, the head of Iran Market Regulation Headquarters Mohammadreza Kalami said.
"The annual need and consumption in the country is about seven to eight million tons,” Kalami said, Trend reports citing Official website of Iran Ministry of Industry, Mine and Trade.
“The domestic steel manufacturers are not allowed to sell their manufactured steel to Iranian applicants above the selling price to other countries,” he said.
He went on to say that the above decision was made to create incentives for the development of exports.
Explaining the pricing of steel being offered via the Commodity Exchange, Kalami said that the global price of steel should be balanced by the NIMA currency rate in IRan, and this would be the price of steel at the exchange.
He said that the above method is aimed to reduce the existing problems in the steel market such as hoarding and consequently increase the demand in the Commodity Exchange.
According to the Ministry of Industry, Mines and Trade, at least 28 million tons of steel will be produced in the country this year, while the capacity of production is over 36 million tons, which is expected to reach more than 40 million tons by the end of the Iranian year (end on March 21, 2021).