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.

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain