Iran’s finished steel exports in the first ten months of the current Persian year (21 March-20 January, 2024) stood at 2.92 million tonnes (mnt), an increase of 7% compared to the same period of last year, according to the recent data from Petrometals.
- Exports of long products were recorded at 2.53 mnt, up by 7% y-o-y, while flat product exports rose by 8% y-o-y to 384,000 tonnes (t).
- Exports of semi-finished steel products totalled 6.32 mnt, an increase of 11% y-o-y.
- Meanwhile, direct reduced iron (DRI) exports surged by 74% y-o-y to 1.29 mnt.
Outlook
Iran’s billet export market is poised for a potential increase in export volumes. Despite facing limitations in the domestic market, mill players are expected to persist in their interest in export tenders. Additionally, in a recent update, Iranian government has approved reduction in export duties on semi-finished steel products, adding optimism to the steel export market dynamics.