The construction sector in Iraq has recently experienced a major shortage due to low-priced rebar imported from Iran and Saudi Arabia. This low-price competition has pushed Iraqi rebar manufacturers to search for solutions to hold on to the market. Iraqi companies came together and reached a decision in order to establish a healthy balance in the market and to protect themselves from the negative effects of low price competition.
Iraqi rebar manufacturers have set a limit so that prices do not fall further and have decided that they will not sell rebar under $600. The reason behind this decision was to avoid further negative impact of low price competition on the Iraqi construction sector. Following this step, prices have risen as of last week.
Currently, decking iron prices in Iraq are between $630 and $670. This means that average prices have increased by $40. Iraqi rebar manufacturers are implementing this price increase with the aim of helping to create a more stable environment in the market and protecting their industry.
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