Iran's finished steel imports rise 10% y-o-y in first four months of Persian year

Iran's finished steel imports in the first four months (21 March 2024 to 20 July 2024) of the current Persian year stood at 4.62 million tonnes (mnt), a rise of 10% compared to the same period of last year, according to recent data from the Iranian Steel Producers Association (ISPA).

In addition to Iranian DRI and billets, the flat steel segment has been affected by gas consumption limitations, resulting in a lower supply of these products and higher interest in imports.

Imports of long products were recorded at 310,000 tonnes (t), up by 7% y-o-y, while flat products' import volumes increased by 10% y-o-y to 4.31 mnt.

Imports of semi-finished steel products totalled 1.24 mnt, a rise of around 38% y-o-y.

Outlook

Iran's finished steel import volumes are expected to remain supportive, considering the gas limitations faced by steel mills in the domestic market. Meanwhile, the Iranian government is continuing with restrictions on electricity usage as well, due to a power shortage, which will impact mills' production volumes and possibly drive them to fulfill their requirements via imports.