TEHRAN, Aug. 5 (Mehr News Agency) -- Iran's annual demand for steel stands at 15 million tons, of which only 40 percent is produced domestically, the managing director of the Markazi Province Trade Organization said on Saturday.
The increase in global steel prices, which has hit Iran hard since 60 percent of the national demand has to be imported, and the rise in construction costs are the main causes for instability and volatility in the national steel market, Ali Yaghubi added.
The government is making efforts to tackle the problem and the Commerce Ministry will also continue to fulfill its duties in dealing with the matter, he said.
Each provincial trade organization has been called upon to meet its province's demand for steel based on the rationing program set up to deal with the shortage, he explained.
The price of steel in Iran is 6800 rials per kilo, which allows wholesalers to make a profit of 2.5 percent, while retailers earn a profit of 5 percent, he noted.
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