steel market, stressing that price controls and currency policies have created serious challenges for the industry.

He explained that the philosophy behind establishing the Stock Exchange and its subsidiaries, including the Commodity Exchange and OTC market, was to reduce government intervention and stimulate financial and monetary markets. However, recent interventions in Commodity Exchange resolutions suggest that the economy has deviated from its intended path.

Rasoulian noted that even industrial managers are critical of this approach: “The reality is that the level of intervention in the market is high, making it difficult for industrial players. While the government is sometimes compelled to intervene, such interference should not disrupt the natural course of the market.” He added that many directive decisions are made against the will of managers, and pointed to ongoing efforts by the Ministry of Industry, Mine and Trade to facilitate currency repatriation through a secondary trading floor in the Commodity Exchange, which could benefit both the steel industry and the national economy.

Currency Policy Challenges

Rasoulian emphasized: “Government must reduce its economic interventions, as global experience shows that economies perform better when governments step back from direct control. Although Iran’s special circumstances prevent full implementation of this path, partial reduction of interventions is possible with proper planning.”

He highlighted the impact of currency policies on steel companies: “If exporters can repatriate foreign currency at real market rates, they will continue exporting and return their earnings. But when the exchange rate is set at 70,000 tomans, exports lose economic justification and producers incur losses.” He added that Central Bank policies, while possibly aimed at controlling inflation, have imposed heavy costs on steel producers, leading to stagnation in production and exports.

Structural Issues in Commodity Exchange

Rasoulian further criticized structural restrictions in the Commodity Exchange: “Currently, goods remain unsold domestically for weeks, despite demand for exports. Prohibiting matching sales has caused market stagnation. If the Commodity Exchange were competitive and free, both producers and consumers would benefit.”

Conclusion

He concluded: “The less interference in economic decisions—from the Central Bank to economic ministries—the better for the country and national production. State-controlled economics no longer meet today’s needs, and continuing this path only erodes producers’ motivation.”