Bahador Ahramian added that the decline has steepened in the last three weeks, ISNA reported.
"The decline in prices is rooted in the fall in exports and subsequently consumption surplus on the domestic market," Financial Tribune quoted him as saying.
“Domestic steel production stands at around 25 million tons, as consumption is about 12 million tons. If exports go down or stop, consumption surplus will lead to decrease in prices.”
Ahramian considered the decrease in prices a big threat for the economy.
“Decrease in steel prices might be favorable for policymakers in the short run, but it will do great harm to the industry in the long run,” he concluded.