Iran Graphite Electrode Imports Decrease by 60% in Oct'18
Iran, one of the largest steelmaker in MENA has witnessed a sharp fall in graphite electrode imports. The nation, primarily produce steel through EAF, has imported 3,380 MT GE in Oct’18, registered a downfall of 60% M-o-M against 7,900 MT imported in Sep’18.
China was the major exporter of GE to Iran during the period, the nation exported around 3,100 MT GE to Iran. Other major exporters includes Spain (136 MT) and Germany (20 MT).
Iran accounts 67% of its GE from China and 12% from India, and since Aug’18 sanctions, India has halted exports of GE to Iran.
Recently eight countries got exemption from US Sanctions to buy crude oil from Iran, including China and India. The currency used for buying Iranian crude will be in the domestic banking system of the buying country. In return Iran can buy food, medicine and other non-sanctioned goods from that country.
With this mechanism, Iranian steelmakers are hoping to continue imports of GE in return from the money they received from the export of crude oil. But India cannot do this right now, because it's unclear whether GE is a sanctioned item or not in exchange for Iranian crude oil.
Since India imports needle coke from US, which is a crucial raw material to produce GE, they cannot export GE to Iran. It would be a problem if United States discontinues export of needle coke to India, the whole Indian electrodes production chain will be interrupted and challenged.
The analysts hope that Iran can continue to buy electrodes from China and India through Europe, with the help of Europeans and the project of the financial intermediation (SPIRO), although the proposed European mechanism has not yet finalized and the European countries are concerned about the payment system.
source: SteelMint
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