Iran’s steel exports up 17% y/y in 11 months to February
Iranian steel exports have ramped up in the 11 months to February 19, according to figures by the state-run mining and metals holding IMIDRO, as the country continues to use increased proceeds from trade of metals to offset the impact of American sanctions on its crude exports.
An IMIDRO report published on Tuesday showed that exports of steel from Iran had reached a total of 9.652 million metric tons (mt) between March 2021 and February this year.
The figure is an increase of over 17% compared to the previous same period, said the report, citing figures by the Iranian Steel Producers Association (ISPA).
Iran’s exports of steel products also increased by 14% in the 11 months to late February to a total of 3.01 million mt, showed the figures.
Sponge iron exports from Iran rose by 20% year on year over the same period to nearly 0.82 million mt, said the report.
That comes as Iran reduced its imports of steel products by nearly 0.2 million mt between March 2021 and February this year to a total of 0.65 million mt, said IMIDRO, adding that imports of raw steel into Iran had remained flat over the period at just 0.005 million mt.
Monthly figures released by the World Steel Association earlier this week showed that Iran’s steel output had increased by 20.3% year on year in January to 2.8 million mt.
Iran has reported a steady growth in its mining and metals sector since the United States imposed bans on the country’s crude sales in 2018.
Rising exports of metals from Iran have continued over the past years despite Washington’s decision in 2019 to introduce a series of tough sanctions on teh country's trade of metals.
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