Baku, Azerbaijan, Feb. 21
By Khalid Kazimov – Trend:
Protesting against a recent decision by Iranian iron producers to increase the prices of their products, the customers have responded by refraining from purchasing iron.
The head of Tehran Iron and Steel Union, Mohammad Azad, has said that the prices of the home-made iron products have recently jumped by at least $0.02 (500 rials), Tasnim news agency reported.
Therefore, buyers have stopped purchasing iron in a bid to reduce the prices back to what it used to be, he added.
The producers have blamed the recent price hike on the surging prices of raw materials.
Iran’s major state-run iron ore companies have produced about 21.743 million tons of iron ore concentrate during the first 10 months of current Iranian fiscal year (ending March 21).
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