Iran's Iron Ore Exports Decline 75% M-o-M after Imposition of Tariffs

The total iron ore exports from Iran saw a sharp decline , after the Ministry of Industries, Mining and Trade started imposing upto 25% tariffs on the export of unprocessed minerals, including iron ore.

According to the data released by the Iranian Mines and Mining Industries Development and Renovation Organization, iron ore exports during the eighth Iranian month (23 Oct - 21 Nov) witnessed a sharp downfall of around 75.43% M-o-M and around 80.32% Y-o-Y . Iron ore export volumes in eight Iranian month were recorded at 0.31 MnT. This is the lowest ever since the beginning of the last Iranian year (21 Mar'18).

A total of 10.6 MnT of iron ore were exported from Iran during the first eight months of the current Iranian year (21 Mar-21 Nov'19) to register a 4% rise in tonnage compared with corresponding period last year.

Iron ore concentrates had the lion's share of the exports with 3.43 MnT indicating a 29% Y-o-Y growth .

Iron ore in the form of fines/lumps accounted for 4.79 MnT down by 21% Y-o-Y.

Iron ore pellets exports amounted to 2.38 MnT up by 63% Y-o-Y.

~ Inputs from Financial Tribune