Indonesia Aims to Expand Trade Ties with Iran

Iran, one of the largest billet exporter in MENA region has witnessed a drop in billet export owing to economic sanctions imposed by US. Major Iranian steelmakers exported around 4,208,817 MT of Steel during first eight months of current Persian year (21 Mar-21 Nov'18). Iranian billet export has been adversely affected because of US sanctions.

Many countries have extended their support by resuming their business with Iran. Recently Mr. Octaviano Alimuddin, Indonesian Ambassador to Iran met Khouzestan Governor General regarding expansion of trade with Iran.

According to Mr. Octaviano Alimuddin, "Indonesia is determined to bolster and broaden all-out relations with Iran, especially in the fields of politics and economy, we are making efforts to expand trade and business relations with Iran."

In late Nov'18, Iran's Commercial Attache to Indonesia Mr. Anwar Kamari said that Iran's non-oil exports to Indonesia showed a significant rise in the seven months from March 21 compared to the figure for the same period last year. Metals, including iron and steel, with USD 220 Mn were exported to Indonesia.

It is to be noted that Khouzestan province is a home to Khouzestan Steel Company, Iran's largest billet exporter. The company exported around 1,525,177 MT steel during the first eight months of current Persian year (21 Mar-21 Nov'18)..The company registered a downfall of around 12% Y-o-Y. Standalone during the eighth month, export was noted to be around 184,442 up by 9% Y-o-Y.

Major steel products exported by KSC during the eight months were Slab (615,144 MT), Bloom (525,486 MT) and Billet (384,547 MT).

Iran Billet Export to Indonesia

Iran is one of the major billet exporter to Indonesia, the nation exported 0.53 MnT billet to Indonesia during CY'17. In CY'18(till Oct), Iran has already exported 0.67 MnT billet to Indonesia.

Post first phase of US Sanctions on Iran in Aug'18, Iran has already exported 0.24 MnT billet to Indonesia.

Inputs from Iran Daily