BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

Iran: Steel exports drop over 20% in first 4 months of current Persian year

...

Semi Finished

BigMint Bureau

165 Reads

20 Aug 2024, 11:54 IST

Iran: Steel exports drop over 20% in first 4 months of current Persian year

Iran's semi-finished steel exports in the first four months of the current Persian year (21 March, 2024-20 July, 2024) reached 2.13 million tonnes (mnt), marking a 23% decrease compared to the same period last year, according to data from the Iranian Steel Producers Association (ISPA).

Exports of billets and blooms totalled 1.68 mnt, down by 12% y-o-y.

Slab export volumes were recorded at 460,000 tonnes (t), a significant drop of 47% compared with the same period of last year.

Exports of long products were recorded at 1.11 mnt, up by 20% y-o-y, while flat product exports fell by 28% y-o-y to 114,000 t.

The requirement of steelmakers to supply 100% of their export currency in the NIMA system can be considered one of the major reasons for the fall in volumes. Also, the imposition of export duties and the cancellation of export tax exemption also pulled down the country's steel exports.

Meanwhile, the country's DRI export volumes stood at 449,000 t, down by around 23% y-o-y due to electricity restrictions and absence of buyers in the market.

Outlook

The Iranian government has imposed electricity restrictions due to high temperatures during the scorching summer, prioritising household consumption. This move is expected to negatively impact production volumes, sources informed BigMint.