Steel market participants in the Middle East do not expect prices to normalise immediately, or for raw material inflows to recovery quickly, following the announcement of a potential US-Iran peace deal. Market sentiment has improved but expectations for an imminent peace deal have not yet changed the physical steel market, participants said. Freight costs and insurance premiums will probably ease gradually, and buyers are cautious after production and shipment delays, stoppages and force majeure notices during the conflict. A peace deal that results in the reopening of the strait of Hormuz will likely first affect ... (full story)