In a notable development, the industrial ring of the Iran Commodity Exchange witnessed a decrease in demand for steel products during the past week. The global market continues to demonstrate weak and indifferent sentiment, further contributing to uncertainties across various industries. Notably, the persistent downward trend in scrap prices has had a notable impact on markets dealing with ingots, slabs, and other sections.
Meanwhile, on the global front, economists and investors anticipate a significant drop in the dollar's value, which could have far reaching effects on the commodities and metals market. A weakening dollar might prompt a surge in basic commodities and metals worldwide, potentially reshaping supply and demand dynamics. The combination of fluctuating base rates and the imminent dollar depreciation keeps the global financial landscape in suspense, as stakeholders brace for potential shifts in market conditions.
Billet price limited decline amid weak demand and global downturn, further decrease expected amidst Iran's decreasing iron rate. The price of billet in Iran experienced a restricted decline as weak demand and the prevailing global downward trend weighed on the market. Analysts suggest that the ongoing global price trend and the decreasing rate of iron in Iran could lead to the possibility of a further decrease in billet prices.
The rebar prices witnessed a normal limited decline as both the export and domestic markets grappled with weak demand. Additionally, the global rates for rebar have been following a downward trend. The convergence of these factors has impacted the market sentiment, prompting caution among industry players.