The crude steel production of 8 main steel producers in Iran including Mobarakeh, Khouzestan, Esfahan, Hormozgan, Saba, Khorasan, Alloy and National Iranian Steel Companies reached over 15 million tones in the first 11 months period of year ended 20 Mar 2015, Iranian Mines and Mining Development and Renovation Organization reported. The number shows 8% increase compared with same period the year before.
No active participation of investors in market due to current New Year holidays, more optimistic view over nuclear negotiations and reopening of oil refinery companies after almost a year can be considered as the main reasons for upward trend in Today’s market. Although the tensions in Yemen overshadow the nuclear talks in Lausanne, the possibility of oral or written agreements is getting stronger.
The inflation rate was announced 0.6 percent for the last month of the year ended 20 Mar 2015. By considering this number the annual inflation rate will reach 14.3 percent which is unprecedented in the last four years. The government was successful in curbing the monthly inflation in the last year and luckily the global recession in the last six months has accelerated it.
Finally, the refinery companies released their reports after the deadline they were given. Their published reports and profits are so weird that there is no space to discuss them. Take Bandar Abbas Oil Refining Co. as an example: The company announced its profit through 4 scenarios from 400 to 950 IRR. The reopening of the refineries and their heavy negative adjustments caused the market to drop more than 5.5 percent to 61500 units yesterday.
