Iran mills turn to DRI sales as power cuts limit billet trade

The export billet trade from Iran has dried up in recent weeks amid severe production cuts at mills enforced by the shortage of electricity supply in the country, Fastmarkets heard on Wednesday July 28.

Extreme heat and drought conditions have reduced water levels to the point that generation of sufficient hydro-electric power has become impossible.
"Mills are allowed to use electricity at nighttime, but it's not enough even for domestic supply," a local market participant told Fastmarkets.
"What the mills are allowed to use is still a maximum of 50% of electricity demand," another source said.

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold