Economy, Business And Markets

Steel Prices Keep Falling

Steel Prices Keep FallingSteel Prices Keep Falling

Domestic steel producers still suffer from the declining prices especially those of reinforcing bars (rebars), reported Fooladnews on Wednesday. The declining prices of rebars are much worse than those of girders and steel plates due to multiplicity of the producers. The price of fusion rebars stood at 17,300 rials per kilogram on Tuesday while the rolled rebar price fell to less than 17,000 rials per kilogram. According to the deputy head of the Iranian Steel Producers Association, 12 rolling mills across the country have either cut their production rates or discontinued producing rebars. Hamid-Reza Taherizadeh said if the situation remains like this, numerous rolling mills and smelting factories will have to close down within the next three months.