Iran reached seventh place in the global steel production rankings in October, after its monthly output increased to 3.3 million tons.

This figure was published by the World Steel Association, according to the Mehr News Agency, indicating that this represents a 12 % increase in production compared to the same period in 2024.

“The country had previously been among the top seven in March-May 2025, but temporarily fell to tenth place in the rankings during the summer months,” reports TVBrics.

Meanwhile, China and India continue to lead the global rankings. Russia, meanwhile, is among the top five in the October rankings. “Along with Iran, Brazil is among the top ten.”

Iran also remains the leading steel producer in West Asia, “far ahead of other countries in the region, accounting for 61 percent of production.”

M.Pino

Source: tvbrics

(Reference image source: Karan Bhatia on Unsplash)

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Starting next October, the Organization of the Petroleum Exporting Countries (OPEC+) will increase production to 137,000 barrels per day, according to eight members at a virtual meeting last Sunday, September 7.

Thus, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to this production increase following the “voluntary adjustments of 1.65 million barrels, which were previously implemented in April 2023.”

Representatives of these eight nations indicated that the 1.65 million barrels of crude oil per day “will be gradually subject to changing market conditions.” The governments will closely monitor market conditions, maintaining a cautious and flexible approach.

They reiterated their “collective commitment to act in full compliance with the Declaration of Cooperation, as well as the voluntary production adjustments that will be evaluated by the Joint Ministerial Monitoring Committee.” They will hold another meeting on October 5 to review the international market.

M.Pino

Source: notitarde

(Reference image source: Bidder Karim on Unsplash)

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South Korea’s bill for the creation of a stablecoin backed by the won, the country’s currency, could be ready in October.

According to local media outlet MoneyToday on Monday, August 18, “the Financial Services Commission (FSC) will unveil the bill as part of the second phase of the country’s Virtual Asset User Protection Act.”

In this regard, Representative Park Min-kyu of the Democratic Party of Korea (DPK) noted that the FSC issued a report “on the policy direction for stablecoins” and the government bill is expected to be submitted to the National Assembly in October.

This legal instrument should establish “the requirements for issuance, collateral management, and internal control systems for stablecoins.”

The Asian country is also seeking to reduce dependence on dollar-pegged stablecoins by issuing a won-backed stablecoin. The idea has been in the works since 2023. Recently, “several lawmakers have since submitted related proposals, including the Digital Asset Basic Law by Representative Min Byung-deok of the Democratic Party, the Act on the Issuance and Circulation of Stable Value Digital Assets by Representative Ahn Do-gul of the Planning and Finance Committee, and the Payment Innovation Act Using Value-Pegged Digital Assets by Representative Kim Eun-hye of the People’s Power Party.”

M.Pino

Source: cointelegraph

(Reference image source: kim giseok on Unsplash)

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