China Main Buyer of Iran’s Steel in 5 Months

Iran’s Customs Administration (IRICA) said that China was the top purchaser of Iranian steel in the first five months of the current calendar year (ending August 21).

IRICA reported on Monday that China was responsible for approximately $358 million worth of steel purchases from Iran between March and August.

According to the report, the figure amounted to almost half of the whole Iranian steel cargos sent to South East Asia.

The report continued that the East Asian countries received nearly 86% of all Iranian steel exports over the period.

“Total revenues generated from exports of metals and mining products reached $1.082 billion from late March to late August,” it said, adding that around half of all shipments had comprised of steel products.

The World Steel Association reported that Iran’s steel output in August surged by 14.6% compared to last year to stand at 2.4 million metric tons. That was way higher than the average monthly rise seen in global steel production which hit nearly 0.6%.

Total steel output in Iran in first eight months of 2020 also increased by 11.3% to reach 18.625 million tons, said the report.

The growing production and exports of steel in Iran has come despite illegal sanctions imposed by the US which seeks to impede the country’s lucrative trade of metals.

A relevant report earlier in September indicated that total exports of Iran's largest steel mills companies hit 1.7 million tons in the first five months of current Iranian year (March 20- August 21).

source: Fars News

Steel Iran Customs Administration IRICA