BAKU, Azerbaijan, Feb. 1
The spokesman of the Industries and Mines Commission of Iran`s Parliament announced that the amount and manner of offering steel products via the stock exchange have been reviewed in the commission.
“The way of offering steel products via the stock exchange, the monitoring of the market, export, the domestic market and maintaining the export market were among the topics discussed in Sunday`s meeting of the Industries and Mines Commission,” Iranian MP Hojjatullah Firouzi, said, Trend reports citing IRNA.
According to Iranian media, the Iranian steel industry, which plays a significant role both in materializing the country’s motto of achieving self-reliance and in boosting the non-oil exports, has been in a development route in recent years.
According to a report released by the World Steel Association (WSA), Iran’s crude steel production increased by 30 percent in 2019 while the average global growth in this sector stood at 3.5 percent.
The steel sector is being noticeably developed, and through implementing different projects in recent years a good market has been formed for the steel and steel products, but there is still some controversy over the prices and some dispute between the upstream and downstream industries in this regard.
Offering the complete steel chain at Iran Mercantile Exchange is said to be the solution to this problem. It is believed to put an end to all the challenges in terms of price, as this strategy will let the market discover the real price, considering the benefits of upstream and downstream units.