The Iranian government has asked domestic steel mills to allocate more billets to the domestic market, where demand has increased significantly, reducing exports.
Officials from major steel producers, the Iranian Commodity Exchange and Producers' Association attended a meeting hosted by Industry, Mining and Trade Minister Mohammad Reza Nematzadeh to discuss the impact of rising billet prices on the domestic market.
“The country's steel industry has been instructed to allocate at least 50% of its production to the domestic market through the IME and with a base price on average across three international market indices,” the vice president said. “Exports will continue, although domestic demand will be a priority for billet producers,” he added.
Iranian steel mills increase supplies of billets to the domestic market
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