In the local Iranian hot rolled coil (HRC) market, due to ongoing weak demand and falling import HRC prices, domestic HRC prices in Iran have declined by $10/mt week on week to $565-570/mt ex-warehouse, including nine percent VAT.
According to market sources, as Iranian buyers have adopted a wait-and-see stance ahead of the presidential election to be held on May 19 and since demand is likely to slow down because of the approaching month of Ramadan, trading activities have failed to pick up.