Iran’s metals exports topped $8.4bn in year to March: Report

Iran saw its exports of metals grow in the year ending late March 2020, shows a report, as the country keeps earning more from the sector despite US trade bans.

A Monday report by the IMIDRO, Iran’s largest holding company in the metals and mining sector, showed annual exports of metals had reached $8.4 billion in value terms at the end of the last calendar year.

The report said exports of steel products had grown by seven percent year on year to top $4.507 billion while copper products shipments had amounted to a total of $1.241 billion, a surge of 35 percent compared to the year ending late March 2019.

Zinc shipments also increased 18 percent year on year to reach $301 million while alumina powder, used as a raw material in aluminum production, surged by a 144 percent compared to the previous year to stand at $387,000.

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Total metals exports exceeded 58 million metric tons in volume terms, said the report that was covered by the semi-official Fars news agency.

It said imports into the Iranian metals sector was largely down in the year to March with steel products at $986 million, a decrease of 23 percent year on year, adding that copper imports also declined by 3 percent to stand at $16.857 million.

The figures prove earlier reports suggesting there has been a stable trend of growth in the Iranian mining and metals sector despite a series of US sanctions that were enacted in May 2019 seeking to choke Iran’s lucrative trade of metals.

The boom is partly due to Iran’s increased efforts to develop the sector as the government sees revenues derived from it as an alternative to oil incomes that have been targeted by an even harsher regime of American sanctions since 2018.

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