$3.3b Surplus in Iran's Mineral Trade

Imports during the same period stood at 10.04 million tons worth $5.02 billion, registering a 75% and 34% growth in tonnage and value respectively year-on-year, according to the Iranian Mines and Mining Industries Development and Renovation Organization.

Mineral exports accounted for 49.3% and 20.1% of Iran’s total exports while imports made up 29.6% and 10.5% of total imports in terms of volume and value respectively.

Direct-reduced iron had the highest growth among all exported and imported minerals in both volume and value. Its exports rose 260% and 63% YOY to 658,138 tons worth $169 million. DRI imports jumped by 21,243% and 6,959% YOY to 32,190 tons valued at $8.9 million.

Semi-finished steel took the lion’s share of exports in terms of value as 8.27 million tons worth $3.12 billion were shipped overseas, up 34% and 20% YOY in volume and value respectively.

Iron ore came next with 17.18 million tons worth $931 million. The volume of shipments dropped by 8% and value rose 31% respectively YOY.

Pottery, brick, ceramic and tile shipments followed with 6.01 million tons worth $887.1 million, down 34 % in trade volume and value YOY.

These were followed by cement with 14.12 million tons valued at $525.6 million, up 6% and 2% in volume and tonnage respectively.

Other exported mineral commodities during the 11-month period included steel products with 675,959 tons worth $514.7 million, copper with 383,733 tons worth $431.3 million, zinc with 166,809 tons worth $351.2 million, stones with 5.57 million tons worth $319.3 million, aluminum with 175,598 tons worth $316 million, lead with 122,011 tons worth $208.5 million and direct-reduced iron with 658,138 tons worth $169 million.

The export of ferroalloys reached 28,968 tons worth $51.5 million, molybdenum 3,882 tons worth $39.7 million, precious minerals (gold, silver, etc.) 57 tons worth $31 million, chrome 142,444 tons worth $25.3 million, coal 189,080 tons worth $28 million, alumina powder 105,227 tons worth $10.8 million, nickel 91 tons worth less than $500,000, titanium 226 tons worth $400,000, mica 127 tons worth $200,000, antimony 24 tons worth less than $100,000 and “other minerals” registered 4.26 million tons worth $408.7 million.

As for imports, semi-finished steel also had the largest share among Iran’s imports of mineral commodities in terms of value in the period, as 3.33 million tons worth $1.96 billion were imported, up 1% and 16% in tonnage and value respectively YOY.

Steel products followed with 537,616 tons worth $724.4 million, down 7% in volume and 4% in value YOY.

Copper came next with 50,294 tons worth $237.4 million, up 730% and 533% 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 United States 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.

Major Iranian miners produced an aggregate of 317.94 million tons of ores and mineral products during the 11-month period, registering a 12% growth YOY.

Production in the 11th fiscal month to Feb. 19 also saw a 19.38% YOY rise to 29.75 million tons.