Iran iron ore exports drop sharply in Q1 of current Iranian year
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Iran has been reducing the export of iron ore in the past few years to curb the export of unprocessed minerals create more additional value, and meet the requirements from domestic steel industries.
The country exported less than 500,000 t of iron ore during the first quarter of the current Iranian year [20th Mar-20th June'20], said Dariush Esmaeili, Deputy Minister of Industries, Mining and Trade. About 6 mn t was exported in the last fiscal ending 19th Mar'20. Data released by the Iranian Mines and Mining Industries Development and Renovation Organization show that about 17 mn t of iron ore was exported from Iran in the fiscal year ending Mar '19. Besides, the export figures stood at around 20 mnt a decade ago. Hence, over the years the country has reduced exports of iron ore.
In a bid to prevent the export of unprocessed minerals and meet the requirements of domestic producers for raw materials, Iran has levied 20-25% duty on the export of raw minerals since 23 Sept'19. Exports of iron ore concentrates and pellets have seen 25% duties.
Iran iron ore concentrate output in first two months of current year
In the first two months of the current Iranian year (20th Mar-20th May), the country produced 7.96 mn t of iron ore concentrates, down 2% y-o-y.
Iran pellet output in first two months of current year
In the first two months of the current Iranian year, the total pellet output recorded at 7.15 mn t registering a 1% y-o-y decline.
Outlook: Earlier this month, SteelMint reported that Iran to ban iron ore exports as it seeks to supply more iron ore to domestic steel producers. Thus export volumes are expected to decline further in coming months.