I-beam prices still high in Iranian market

The Iranian government has decided to remove customs duty on I-beams and H-beams in an effort to reduce the prices of these products in the local Iranian market. Although the duties, which ranged from 4 percent to 10 percent, have been removed, this has not resulted in a price decrease in the local Iranian market, sources report. In Iran, annual demand for I-beam is 2 million mts. However, local mills are able to produce only about 1.2 million mts, which causes an increase in the price of the product. The current average price of I-beam, which is at around $870-880/mt in the Iranian market, is far higher than the prices elsewhere across the globe. The recent decline in global I-beam prices is expected to encourage local traders to import, sources report.