New Steel Import Levy Possible to Support Local Firms
Iran is considering imposition of additional import duties to support domestic steel producers, who are facing weak demand at home.
The initiative, though, is subject to approval by the Guardian Council.
Taking into account weak domestic demand and plans to ramp up steel production, the Iranian parliament plans to impose new duties on steel imports, according to ICANA news agency affiliated to the parliament.
The measure may cover imports of billets, beams, flat products, tubes and pipes, and is likely to come in force in the second half of 2017. “There is at least a 5 million-ton surplus in production capacity in billet and longs segments in Iran…When import declines, these volumes may be consumed by domestic customers,” a market source told Metal Expert.
The new duty will be an additional measure to the current import tax, which is 15% on billets, 26% on longs, 20?26% on flats, depending on size and type. Market players estimate the new tariff could be around $25/ton.
Iran’s steel imports declined in the first nine months of the current fiscal (March 20-December 20, 2016) by 20% to 2.5 million tons year-on-year, according to the Iran Steel Producers Association.
The decline was a result of the increase in import duties up to the current level as well as low domestic consumption
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years