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24 Jan

Iranian currency devaluation boosts commodity demand, prices

A 10% devaluation in the Iranian local currency has led to the usual rush for raw materials and commodities in the local market, causing billet export prices to soar. The Iranian riyal lost its value from 500,000 to 550,000 per dollar, notes Kallanish. "Political instability and military confrontations across the region led to a devaluation of the local currency in Iran, triggering an increase in demand for steelmaking raw materials, semi-finished and finishe…
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