Iranian Steel Traders Welcome Free Market Dynamics

The competitive ceiling for steel prices on the Iranian Mercantile Exchange is to be removed, according to a letter written by Deputy Industries Minister Jafar Sarqeini wrote to Hamed Soltaninejad, chief executive of IME.

“The prices of steel products on IME from now on are to be equivalent to the average rate of discovery of goods in the last four offers on the market, thus removing the ceiling on commodity trading for steel products,” reads the letter, IRNA reported on Tuesday.

The discovery of new prices will be in accordance with the proposal made by four major steel companies of Khorasan, Khuzestan, Mobarakeh and Esfahan.