No Steel Price Rise at IME Until June 21

At the behest of private producers and downstream users, the Ministry of Industries, Mining and Trade has banned price increases for all steel products at Iran Mercantile Exchange up until June 21.
The ministry has also mandated upstream producers to increase their IME supply and refrain from offering products outside the mercantile exchange, Tehran Chamber of Commerce, Industries, Mines and Agriculture reported.
Producers and users alike have been encouraged to share their ideas and criticisms on IME steel pricing and supply method with the ministry in a week’s time.
The pricing move was the result of months of lobbying by downstream users’ associations such as Syndicate of Steel Pipe and Profile Manufacturers. Their efforts reached their climax late last month as the head of TCCIM, Masoud Khansari, penned a letter to President Hassan Rouhani decrying “unreasonable” hikes in steel prices over producers’ claim of a devaluing rial.