Iran’s semi-finished steel production increased marginally in the ten months of current Persian year (21 March 2023-20 Januray, 2024), according to data released by Petrometals.
Semi-finished steel output stood at 26.99 million tonnes (mnt) in the period under review, an increase of 3% as against 25.74 mnt in the same period last year. Billets and blooms accounted for 16.88 mnt of total semis output, up by 8% y-o-y, while production of slabs inched up by 1% y-o-y to 10.11 mnt.
As per recent data, direct reduced iron (DRI) production stood at 29.95 mnt in the period under review, up by 9% compared to 27.38 mnt in the year-ago period.
Outlook
The persistent gas shortage issue during winter continues to impact mills’ production, adding complexities to the market dynamics. Current situation might affect the production volumes, SteelMint noted. However, 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 which might support production volumes.