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US Imposes New Sanctions on Iran; How Will it Impact Steel Market ?


U.S. President Donald Trump yesterday imposed new sanctions on Iran, targeting revenue from its exports of industrial metals. An executive order issued by Trump covers Iran's iron, steel, aluminium, and copper sectors, the government's largest non-petroleum-related sources of export revenue and 10% of its export economy, a White House statement said.

As per reports, the Trump administration also took aim at Iranian oil by effectively ordering countries worldwide to stop buying Tehran's oil or face sanctions of their own.

How will it impact Iran's steel market ? SteelMint in conversation with Iran based steel market sources learned tht the impact on steel industry can be reduction in steel export volumes in the current Iranian year, shared sources.

Iran steel exports in last Persian Year - Iran's finished steel exports reached 2.98 MnT in the Persian Year'19 (ended March 20, 2019), up 84% compared with the corresponding period of 2018. According to the Iranian Steel Producers Association's latest report, rebar has registered the highest exports with 1.65 MnT, registering a Y-o-Y growth of 177% as compared to previous Persian Year, while coated coils have registered the fastest Y-o-Y growth of 182% during the Persian year.

Total exports of semi-finished and finished steel were recorded at 7.88 MnT during last Iranian Year.

Iran has exported 15.31 MnT iron ore in Persian year FY'18 and depicted fall of 26% Y-o-Y as against 20.64 MnT in previous Iranian year. Out of this India imported 0.26 MnT iron ore in last Persian Year.

According to bulk vessel line up data maintained with SteelMint, India's  steel imports from Iran has increased in last 3 months. Since last week of Feb'19, India has imported 58,000 MT billets; 48,000 MT HBI; 95,000 MT HRC and 54,000 MT pellets.

Source: steel mint

May 11, 2019 13:17
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