Following the tragic helicopter crash involving the Iranian president Ebrahim Reisi , currency dealers have seized upon the news to manipulate exchange rates.The open market, which had been experiencing a decline, suddenly reversed course after the announcement, with the exchange rate surging from 56,000 tomans to 61,000 tomans.
Meanwhile, in the profile market, product prices spiked by 100 tomans. Notably, the rebar and angle market also witnessed a sharp increase, with prices rising by 200 tomans.
Reza Eyazlou, a member of the Board of Directors of the Securities and Exchange Organization, has announced that the stock market will remain closed for the next few days. Despite the closure of commodity-based securities transactions, the physical transactions within the commodity exchange will proceed as usual. Investors and traders can still engage in commodity-related activities while the stock market remains temporarily closed.
In light of recent fluctuations in the free foreign exchange market, the steel market has experienced a notable decline in prices. This shift comes as a result of the steel market grappling with an oversupply alongside weakened demand, rendering it highly responsive to changes in foreign exchange rates. A reduction in the trading volume of steel billets and profiles on the commodity exchange serves as a clear indicator of the stagnation prevailing within the steel market.
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