Steel energy-subsidy export

Iran Makes the World's Cheapest Rebar: It Exports an Energy Subsidy, While Its Steel Ticker Has Been Frozen for 146 Days (Friday, 24 July 2026)

Ex-works rebar in Iran runs about $365 a ton: cheaper than China, under half of Germany, a third of the US, not from productivity but from cheap gas and power melted into steel and partly shipped abroad. Iran supplies about a quarter of the world's direct-reduced iron and near 11% of the semi-finished steel trade, big enough that a Hormuz disruption lifted German rebar prices. Meanwhile the Foolad and Fakhouz tickers have been frozen since 28 February 2026. Not buy or sell advice.