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US sanctions are surprise boon to Iran's steel exports

Steel News - Published on Thu, 10 Jan 2019

Image Source: SteelGuru
Press TV reported that Iran’s dramatic currency depreciation has had beneficiaries, foremost in its burgeoning steel industry which has seen exports remain steady despite the new US sanctions. Last August, the US reenacted its secondary sanctions against Iran’s steel and aluminum products, gold and precious metals, graphite and coal to choke off the country’s vital revenue streams. Further sanctions were imposed in November to target its lifelines in the oil, energy and shipping sectors, leading to a drop by several hundred thousand barrels per day in oil exports. However, the metals industry has taken it all in its stride and even been boosted by the lower rial which has made steel exports highly competitive on world markets.

According to CEO of Tehran-based AASIM Consulting Group Mohsen Parvan, Iran's steel exports this year which ends March 21 are set to equal last year's record of over 9 million tonnes. He said "Iran has so far exported 6 million tonnes of steel in this Iranian year, similar to the previous year. At least half is semi-finished products such as billet and slab.”

Iranian steelmakers have largely maintained their links with their partners, mostly in the Middle East, Russia, China and the European Union, despite the sanctions. Iranian rebars, billets, IPE (I-beams), blooms and slabs have avid customers in Iraq, Qatar, Oman and the United Arab Emirates. CIS nations such as Ukraine and Kazakhstan also take in supplies, with small amounts being sold in the EU where Iran’s steel exports are facing an increasingly hostile terrain.

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Posted By : Joykumar Irom on Thu, 10 Jan 2019
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