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.
September 11, 2018 19:36
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Iranian Steel Traders Welcome Free Market Dynamics
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
The change to the policy will short-circuit middlemen, thus stopping, or at least reducing the profiteering of those who abused the old policy for making undeserved profits
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