Senior steel producer urges commodities market to set prices

Business Materials 11 April 2018 19:47 (UTC +04:00)

Tabriz, Iran, April 11

By Kamyar Eghbalnejad - Trend:

The head of Iranian Syndicate of Steel Pipe and Profile Manufacturers, Amir-Hossein Kaveh, has called for setting the prices of steel, copper and aluminum through the country’s commodities market, Iran Mercantile Exchange (IME).

“Those who enjoy government monopoly have blocked all ways of decreasing the prices,” he told Trend.

Over 20.02 million tons of crude steel was produced in Iran during the first 11 months of the last fiscal year (March 20, 2017-Feb. 20).

The figure shows a rise by 19 percent compared to the same period of last year, the Iranian Steel Producers Association said in its latest monthly report, released March 18.

Iranian steel producer companies also produced about 18.11 million tons of various steel products including beam, wide sheets, hot rolled sheets, galvanized steel and tubes during the 11-month period, indicating a rise by 9 percent compared to 16.588 million tons of products in the same period of the preceding year.

Iranian companies produced 20.484 million tons of sponge iron during the period, which was 24 percent more year-on-year.

Iran exported 6.042 million tons of crude steel (87 percent increase year-on-year) and 1.375 million tons of various steel products (17 percent fall) in the first 11 months of the current fiscal year.

The country also imported 2.07 million tons of steel products in the 11-month period, 21 percent less year-on-year.

Meanwhile, some 47,000 tons of crude steel was imported in the same 11 months (75 percent more).

Based on a 2025 outlook, Iran’s steel output is to reach 55 million tons, 15 million of which should be exported. For the current Iranian year, it is predicted that Iran will produce 18 million tons of steel, exporting 6 million tons of it.