Buying activity in the Iranian flat steel import market remained sluggish in the week ended Wednesday January 24, while local prices were more competitive to import.
Iran's national currency - the rial (IRR) - continued to devalue against the US dollar, which made import prices less attractive compared to domestic ones.On Wednesday January 24, $1 was equivalent to IRR 36,567, while on January 17, $1 was equivalent to 36,461 IRR, according to the official rate at Oanda.com.In the free-market, $1 was traded at IRR 45,450 on January 24, against IRR 44,450 a week earlier.Iranian customers partially use the free-market rate to import material due to the reduced availability of the US dollar...