Iran ups steel products export

Business Materials 21 November 2018 15:12 (UTC +04:00)

Baku, Azerbaijan, Nov.21

By Elnur Baghishov, Leman Zeynalova - Trend:

Iran’s steel products export has increased significantly, said board member of Iran Steel Producers Association Ahmad Kurush, adding that the exports of some finished steel products rose by around 25-150 percent.

Updated statistics show that the demand for finished steel products has increased, which has led to some declines in crude steel exports, ISNA quoted him as saying.

Kurush pointed out that he expects further decrease in crude steel exports from Iran.

“Crude steel transportation requires much larger ships. Some restrictions in ports due to sanctions should be taken into account. However, those restrictions will soon be eliminated by Iranian Customs, as well as the Ministry of Industry, Mine and Trade,” he added.

Kurush noted that the terms of returning foreign currency revenues to the Forex Management Integrated System, locally known as NIMA, have pushed some exporters to sell their products through unofficial channels. Therefore, the figures shown in the statistics of Iran Steel Producers Association are lower than the real figures, he added.

Within the past year, Iran has emerged as the world’s eighteenth-largest steel exporter. Iran’s exports represented about 2 percent of all steel exported globally in 2017. The volume of Iran’s 2017 steel exports was about 1/10th that of the world’s largest exporter, China. In value terms, steel represented 6.4 percent of the total amount of goods Iran exported in 2017.

Iran exports steel to more than 50 countries and territories.

From 2009 through 2015, Iran maintained a trade deficit in steel products. Iran’s imports peaked in 2010 and have been steadily declining since then.