Iran's Mineral Exports Up, Imports Down

Steel and related products accounted for most of the mineral export value

Latest statistics on Iran's trade of minerals indicate a considerable rise in the export of steel, iron ore and copper during the seven months ending October 21.

Iran exported 29.6 million tons of minerals worth $3.89 billion during the period, registering a 21% rise in volume and a 15% rise in value compared with last year's corresponding period, according to the Iranian Mines and Mining Industries Development and Renovation Organization.

Steel and its products accounted for a majority of export value. Iran exported 3.8 million tons of steel and its related products worth $1.63 billion, which indicate a 55% upsurge in tonnage and 10% rise in value.

Copper and its downstream industries came second, as more than 515,400 tons worth $511.4 million were exported, showing a 351% jump in volume and a 395% hike in value.

According to Ahmad Morad Alizadeh, managing director of National Iranian Copper Industries Company, Iran plans to increase copper exports to $2 billion within the next few years.

The third main exported commodity in the mining sector was iron ore, with 9.9 million tons of the mineral worth $380.3 million exported to register a rise of 35% in weight and an increase of 42% in value.

The increased export of iron ore comes, as the Ministry of Industries, Mining and Trade announced on Sunday that it will impose tariffs on the export of unprocessed iron ore as of the beginning of the next Iranian year (March 21, 2017). The exact amount of the introduced tariff rates has not yet been specified.

The move is said to be aimed at boosting domestic steel production and creating more added-value for the economy.

The biggest increase in export value during the seven-month period was registered for mica (706%) that was followed by copper (395%) and iron ore (51%).

Other exported mineral commodities include cement with 7.4 million tons worth $301.4 million, stones with 3.1 million tons worth $177.2 million, aluminum and related products with 95,500 tons worth $140.4 million, lead with 89,100 tons worth $125.3 million, zinc with 102,900 tons worth $120.2 million and chromium with 275,400 tons worth $40.1 million.

Other minerals included ferroalloys with 20,700 tons worth $31.6 million, molybdenum with 2,200 tons worth $16.3 million, coal and coke with 136,800 tons worth $15 million, precious metals and stones with 24 tons worth $980,000, titanium with 84 tons worth $90,000 and nickel with 9 tons worth $10,000.

Mineral imports during the period stood at 3.5 million tons worth $2.27 billion, registering a 28% and 17% decline in quantity and value respectively.

Steel products were the main imported mineral commodity. As much as 2.6 million tons of the products worth $1.6 billion were imported, indicating a 3% increase in weight and a 6% decline in value.

Aluminum and titanium came next, with 225,000 tons worth $189 million and 33,100 tons worth $62.9 million respectively.

The highest import value increase was registered by lead (377%). It was followed by molybdenum (299%) and chromium (59%).

Iran's mineral exports and imports stood at $7 billion and i$4.44 billion respectively for the past fiscal year (March, 2015-16).

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