How Iran’s steel industry performs in post-sanctions era?

How Iran’s steel industry performs in post-sanctions era?

Baku, Azerbaijan, Nov. 23

By Farhad Daneshvar – Trend:

Iran’s steel industry seems to witness a partial boost after the implementation of the Joint Comprehensive Plan of Action (JCPOA/nuclear deal) on Jan. 16, which was followed by the removal of a part of international sanctions on the Islamic Republic.

Although the volume of output and exports of Iranian steel producers have considerably increased over the past several months, the country’s steel plants continue to operate below their full production capacity, head of Tehran Iron and Steel Union, Mohammad Azad told Trend.

Azad said the volume of production and exports has increased but the level of domestic consumption does not satisfy the expectations, so far.

According to the latest statistics, the Islamic Republic exported 1.99 million tons of crude steel as well as 1.296 million tons of steel products over the first seven months of the current Iranian year which started March 20. The figures indicate 103 percent and 5 percent rise, respectively, year-on-year.

The country, however, imported 150 tons of crude steel (a 299-percent increase) and 1.807 million tons of steel products (a 18-percent fall) in the same period.

Mohammad Azad noted that a group of steel plants in Iran have reduced the number of their shifts to one while they are capable of operating on two and even three shifts.

He added that in case the obstacles to production are removed the Iranian producers can easily boost their level of production.

Although some problems regarding banking transactions have been resolved following the implementation of the nuclear deal, a group of leading banks still avoid carrying out financial transactions for Iran, which has a negative impact on the country’s steel industry, he said.

On the other hand, Iran’s rivals offer their products at lower prices, as a result of which the Islamic Republic lost a part of its global market share, though the Iranian products enjoy higher quality, the official believes.

He described China as Iran’s main rival in steel market, saying that the Chinese steel producers account for almost half of the world’s steel output.

World crude steel production for the 66 countries reporting to the World Steel Association stood at 1.333 billion tons over the first 10 months of the current year with China producing 672.96 million tons of steel.

Iran was the world’s 14th biggest producer of steel in the 10-month period. The country also ranked first among the Middle East countries.

Elaborating on ways for helping the country’s steel industry, Mohammad Azad called on the government to give support for producers.

Subscribe to Trend in Google News! Subscribe
Chronicles of Victory: President Ilham Aliyev announces that Gubadli city is freed from occupation on October 25, 2020
Chronicles of Victory: President Ilham Aliyev announces that Gubadli city is freed from occupation on October 25, 2020
Chronicles of Victory: President Ilham Aliyev gave interview to US Fox News TV channel on October 25, 2020 (PHOTO/VIDEO)
Chronicles of Victory: President Ilham Aliyev gave interview to US Fox News TV channel on October 25, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 25, 2020
Chronicles of Victory: October 25, 2020
Loading Bars
Latest
Saudi Arabia's Energy Minister says OPEC will not change its strategy
Hurricane Rick edges closer to Mexican coast north of Acapulco
Israeli-led research reveals plant mechanism for dealing with water shortage
Chronicles of Victory: President Ilham Aliyev announces that Gubadli city is freed from occupation on October 25, 2020
Chronicles of Victory: President Ilham Aliyev gave interview to US Fox News TV channel on October 25, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 25, 2020
116 illegal migrants rescued off Libyan coast
Azerbaijani Navy officers successfully completes internship in Turkey (PHOTO)
Military training session to be held in military unit of Azerbaijani MoD
At least 25, including minors, died in illegal refinery blast in Nigeria
Iran’s RCS receives 30th batch of COVID-19 vaccine
Mandatory vaccination issue to be solved in November, NCDC Head says
Some 16.03 million voters cast their votes in the presidential elections in Uzbekistan
Tug fights container fire on cargo ship off British Columbia
Tokayev arrives in Ashgabat for state visit
Voting in presidential elections in Uzbekistan ends
Growth of Uzbekistan’s real GDP makes almost 7% over 9 months
No mandatory vaccination in Georgia, PM vows
Uz-Kor Gas Chemical opens tender to attract services for int'l goods transport
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,036 more COVID-19 cases, 1,045 recoveries
Azerbaijan's executive power in Aghdam opens tender for road overhaul
Inflation rate in Iran increases
Renewable energy dev't envisioned in Azerbaijan's national priorities - minister (PHOTOS/VIDEO)
UK says substantial differences remain with EU over Northern Ireland trade
Israel, UAE sign 'green corridor' agreement for vaccinated passengers - Israeli consulate in Dubai
Turkmenistan to connect grids of its Akhal, Balkan regions with new high-voltage line
Iran reveals COVID-19 data for October 24
Relations between Iran and Azerbaijan to continue based on mutual respect - Iranian FM
Kazakhstan boosts revenues from transporting cargo by air
Azerbaijan sees rise in total assets of local banks in September 2021
Georgia reports 3,436 coronavirus cases, 4,483 recoveries, 43 deaths
Azerbaijani MoD publishes video on events that took place last year this week (VIDEO)
Uzbekistan's CEC talks voters turnout as of 11.00
Total value of mortgage loans issued by Azerbaijani banks up in 9M2021
Prices of potatoes change in Uzbekistan
First VP Mehriban Aliyeva shares photo from visit to Zangilan with President Ilham Aliyev (PHOTO)
Daily COVID-19 case count at 1,677 in Kazakhstan
96 new positive cases of coronavirus detected in Kyrgyzstan
Azerbaijani banks increase issuance of consumer loans
Presidential elections kick off in Uzbekistan
Cargo ship on fire, spewing toxic gas off Canada’s Pacific coast: Officials
Tesla hikes price of Model X, Model S variants by $5,000
IRICA shares data on import of COVID-19 vaccine to Iran
Japan keen to invest in restoration of Azerbaijan's liberated lands
1,677 more COVID-19 cases reported in Kazakhstan
1 dead, 7 injured in shooting at off-campus party near Georgia university
Tesla posts a $1.62 billion profit in Q3 despite difficult car market
198 illegal migrants rescued off Libyan coast
10 envoys to be declared persona non grata: Erdogan
UN's Guterres welcomes Saudi Arabia's climate initiatives in call with King Salman
Presidential elections to be held in Uzbekistan
UK says substantial differences remain with EU over N.Ireland trade
New migrant caravan in Mexico pushes past blockade to head north
Aramco aims for net zero emissions from operations by 2050, CEO says
U.S. administers nearly 413 mln doses of COVID-19 vaccines
Chronicles of Victory: Azerbaijani president gives interview to Le Figaro newspaper on October 24, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 24, 2020
Buy/sell operations at Iran Mercantile Exchange growing
Iran unveils details of its trade turnover via Astara customs
Putin invites Israeli prime minister to visit St. Petersburg
Iran's Energy Exchange announces products to be on sale on October 24
Turkmenistan launches production of new types of paving slabs
Azerbaijani banks ramp up business lending since early 2021
Georgia and Ukraine talk cooperation within European integration
Iran reveals COVID-19 data for October 23
UK records another 44,985 new coronavirus cases
Tactical-Special Exercises of Azerbaijani Special Forces end (VIDEO)
First Vice-President Mehriban Aliyeva shared photos from Aghali village of Zangilan district on her official Instagram page (PHOTO)
Azerbaijani, Iranian FMs talk recent relations developments
Members of Nizami Ganjavi International Center join call towards cop26
Arayik Harutyunyan's visit to Russia is solely private - embassy of Azerbaijan
NATO not ready for equal dialogue with Moscow - Russian defence chief
Saudi-led coalition says destroys Houthi vessels, bomb-laden boats site
Kazakhstan updates forecast for completion of grain harvesting
IRENEX shares data on sales of Sepahan Oil Company in energy exchange
EIB to help reduce COVID-19 effects on Georgian SMEs
Moscow comments on reports about holding Russia-Armenia-Azerbaijan summit on Nov.2021
Azerbaijan shares data on number of vaccinated citizens
Azerbaijan confirms 2,315 more COVID-19 cases, 981 recoveries
First Vice-President Mehriban Aliyeva shared footage from Zangilan visit on her Instagram page (VIDEO)
Turkmenistan to participate in EXPO-2025
Georgia and Ukraine sign protocol on economic cooperation
Weekly review of key events in Azerbaijan's ICT sector
Azerbaijan's liberated lands to contribute to expansion of TRACECA corridor - minister
Weekly review of main events in Azerbaijan's transport sector
Saudi Arabia targets net zero emissions by 2060
Russia registers an all-time high of 37,678 coronavirus cases in past day
Uzbekistan eyes foreign technology for better local polymer production
Turkmen delegation to pay working visit to Iran
Azerbaijan records growth in loan portfolio of local banks in 9M2021
Turkmenistan’s Turkmenbashi refinery eyes producing hydrogen
Azerbaijan, Singapore to co-op in construction of geostationary satellites
IRICA shares data on Iran's trade turnover with SCO member states
Iran sees increase in exports of non-oil products from Hormozgan Province
Weekly review of Azerbaijani precious metals market
Kazakhstan unveils trade indicators with its TOP-3 EU partners
Turkmenistan approves new procedure for allocating investments from Stabilization Fund
Azerbaijani MoD observes exercises in liberated Lachin district (VIDEO)
Russian Health Ministry greenlights joint COVID-19 and flu vaccination
All news