Iran to Exceed Set Goal in Steel Exports by March Despite US Sanctions
Iran is estimated to surpass a target of $9 billion worth of steel exports set for the end of the current local calendar year on March 21, 2020 by more than 30%, Deputy Industries Minister Jafar Serqini said, adding that the country has already exported $6 billion worth of the metal in the first half, despite all bans imposed by the US.
Serqini said on Thursday that a target of $9 billion worth of steel exports set for the end of the current Iranian calendar year would be well within the reach of the country as production in the first two quarters had exceeded the government estimates.
He added that production between late March and late September topped 13.2 million tons (over 14.5 million American tons), adding that output would reach 28 million tons in March 2020.
The estimates come as Iran continues to be subject to a series of crippling American sanctions that have also targeted the country’s production and trade of metals.
The bans were enforced in May, exactly one year after the US government pulled out of an international deal on Iran’s nuclear program and began to re-impose a series of sanctions on the country that had been lifted as part of the 2015 deal.
Serqini said Iran exported a total of six million tons of steel until late September, adding that annual exports would reach 12 million tons until the end of the current Iranian year.
The official insisted that the American sanctions had caused Iran’s metals and mining sector to thrive and to become a staple part of the country's economy.
The government official said productivity in the Iranian steel industry, a leading one in the world, had also increased with mills spending less than $75 per each ton of output, compared to at least $100 in years before the sanctions.
Last Thursday, latest data released by Iran’s Steel Association showed that major Iranian steelmakers exported over 5.8 million tons of steel during the first 6 months of the local calendar year (March 21-September 22).
A day earlier, Head of Iran’s largest holding in metals sector, known as IMIDRO, Khodadad Qaribpour said that output of steel in the country had grown by around six percent between late March and early September, around 1.5 percent higher than the surge reported in global production.
“We have had two to three million tons of growth in steel production chain each year,” he said of a trend reported in Iran’s steel industry over the past years.
Speaking in a conference on metals in Tehran, Qaribpour said Iran’s total annual output of steel would hit a target of 28 million tons in March, when the current Iranian year concludes.
source: Fars News
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