In the last days of the Iranian history (1401), the prices of iron and dollar in the market were under control and the price of the dollar was fixed at 43,000 Tuumen.
However, the dollar rate rose and traded around 54,450 Tumen in the open market during the Nowruz holiday.
Market transactions were not clear in the last half-holiday week. Nearly 142,000 tons of billet were sold at the price of 18,700 Tumen (374 $) in Iran Commodity Exchange transactions. In addition, 90,000 tons of rebar were supplied and approximately 70,000 tons were sold at the price of 21,900 Tumen (440 $).
It should be noted that most of the prices announced last week are in line with the dollar rate, and due to the atmosphere created by this, the prices announced in the stock market are not in line with the billet price.
In general, Iran's market is faced with two opposite parameters. One is the dollar rate, which is traded over 50,000 Tumens, and the other is the domestic market by reducing the iron and steel price over 28,500 Tumen. In addition, political news in the market, together with the decrease in exports and the inflation effect of the new year, caused uncertainties such as workers' salaries.
According to the news from Iran, price fluctuations will continue for about 1-2 months. In order for the Iranian government to correct this situation, it needs to provide a high amount of dollars to Iran, and this can be done from the Petrochemical and Iron and Steel sectors.
(Currency: 1$=500,000 IRR calculated)
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