Economy, Business And Markets

Steel Depots Overflowing

Steel Depots Overflowing Steel Depots Overflowing

The chairman of iron retailers’ guild has warned that despite last year’s 35% decline in the prices of steel products, domestic consumption is still low and the depots are overflowing, ISNA reported on Sunday. Mohammad Azad said the guild is jeopardized by the current situation and steelmakers are operating at half their production capacity. He hoped that a boom in the construction sector can mobilize the steel market. According to Azad, steel production hit 16 million tons in the last Iranian year (ended March 20) while the figure is expected to surpass 20 million in the current year. Except for the downturn in the construction and housing sectors, he blamed lack of equity in the market for the steel sector.