Friday 01 November 2024 - 10:08

Date: 16 September 2017 , 12:49

News ID: 1307

NEWS SERVICE: MINES and MINERALS

Mineral Exports Rise as Import Volume Declines

Iran exported more than 26.44 million tons of mineral products worth over $3.62 billion during the first five months of the current Iranian year (started March 21), registering a 5.3% and 1.1% growth in tonnage and value respectively compared with last year's corresponding period.

Mineral imports during the same period stood at 2.12 million tons worth $1.51 billion, registering a 9.5% decline and 1.5% increase in tonnage and value respectively year-on-year, the Iranian Mines and Mining Industries Development and Renovation Organization announced.

Semi-finished steel and steel products took the lion’s share of exports in terms of value, as 4.12 million tons worth $1.46 billion were shipped overseas, up 14.3% in volume and down 13% in value YOY.

Iron ore followed with 7.37 million tons worth $413.2 million. The volume of shipments declined by 0.4% as value recorded a solid uptick of 42%.

Copper and copper products came next with 304,099 tons valued at $303.26 million, down 21% and 30% in tonnage and value respectively. The downturn is mostly due to last year’s post-JCPOA spike in copper exports.

Other exported mineral commodities during the five-month period included cement with 6.85 million tons worth $248.9 million, stones with 2.82 million tons worth $170.91 million, aluminum with 154,453 tons worth $169.19 million tons, zinc with 91,572 tons worth $160.28 million, lead with 54,400 tons worth $79.87 million, ferroalloys with 13,188 tons worth $21.58 million and chrome with 136,452 tons worth $19.73 million.

About 1,702 tons of molybdenum worth $15.45 million, precious mineral (gold, silver etc.) with 31.5 tons worth $9.47 million, coal with 73,356 tons worth $8.26 million, nickel with 23.3 tons worth $127,314, titanium with 56.7 tons worth $113,016, mica with 48.9 tons worth $42,038, antimony with 24.4 tons worth $26,635, and “other minerals” with 4.42 million tons worth $538.9 million were also exported.

Crude steel and steel products had the largest share among Iran's imports of mineral commodities, as 1.15 million tons worth $863.4 million were imported, down 29% and 18% in tonnage and value respectively YOY.

Aluminum followed with 311,207 tons worth $190.65 million, up 120% and 52% YOY.

Iran is home to 68 types of minerals with more than 37 billion tons of proven reserves and 57 billion tons of potential reserves.

According to the US Geological Survey, Iran holds the world's largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite, and 10th largest uranium reserves.

Overall, Iran is home to more than 7% of global mineral reserves.