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Exporters and even local traders say they have put everything on hold for now until the dust settles on the new normal.
Exporters and even local traders say they have put everything on hold for now until the dust settles on the new normal.
Tuesday, April 24, 2018

Iran Steel Market Rocked by Forex Turmoil

Tuesday, April 24, 2018

Iran Steel Market Rocked by Forex Turmoil

Business & Markets Desk

The foreign exchange market recently went in a frenzy, with the rial losing its value against the US dollar on a daily basis. 
The government had to intervene to bring back stability by fixing USD rates and transferring bureaux de change's activities to banks, but the implications were far-reaching for businesses working with USD.
Let's consider the steel industry, as one of the few non-oil industries prospering on the export front.
Exporters and even local traders say they have put everything on hold for now, until the dust settles on the new normal.
"Exports are in lockdown," said Khouzestan Steel Company's sales and marketing manager, Bahman Tajalizadeh. "The only exports taking place at the time are our previously arranged obligations and we don't even know how we're going to get the money."
The stabilizing act of intervention has in fact sowed confusion in markets, according to Tajalizadeh, as companies are unable to have any future plans or forecasts in the current situation.

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04/24/2018
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