Economy, Business And Markets

Steel Market in Doldrums

Steel Market in DoldrumsSteel Market in Doldrums

Although the iron and steel market is usually bustling by the year’s end, this year it is experiencing a serious slump, Fooladnews cited the head of Iran’s Iron Guild as saying.

Noting that it is the first time the market is in a slump this time of year, Mohammad Azad said under the current circumstances, a boom is not expected in the foreseeable future.

According to the official, the only way to get the iron and steel market out of stagnation would be to revive the industrial and construction sector.

He referred to the decreased prices of Chinese and Indian steel as a threat to domestic producers by encouraging customers to opt for these products, calling on the government to levy higher tariffs on steel products from these countries in order to protect domestic producers.

Describing the private sector as more fragile than the government sector, he urged the authorities to help the former survive. “If the private sector is undermined, competitiveness will fade away in the markets”, warned Azad.