Iran: Finished steel exports edge up y-o-y in just-concluded Persian year

Iran's finished steel exports in the last Persian year (21 March, 2023-20 March, 2024) stood at 3.44 million tonnes (mnt), an increase of 7% compared to the same period of last year, according to data from Iranian Steel Producers Association (ISPA).

• Exports of long products were recorded at 2.96 mnt, up by 8% y-o-y, while flat product exports rose by 3% y-o-y to 482,000 t.
  
  
• Exports of billets and blooms totalled 5.30 mnt, down 1% y-o-y.
  
  
• Slab export volumes were recorded at 2.54 mnt, an increase of 26% compared with the same period last year.
  
  

Natural gas consumption and electricity restrictions during winter due to higher fuel consumption and supply constraints in northern Iran were pressing concerns for the country's steel mills.

However, when power-related issues were resolved, Iranian mills sought to increase production and pushed up export allocations. Meanwhile, the Iranian government's recent announcement of export duty revision has impacted billet export volumes towards the year-end, BigMint notes.

Outlook

Billet exporters have shifted their interest to DRI due to subdued demand in the billet market. Also, the Iranian government's export duty revision is expected to continue to impact export volumes.