With the removal of sanctions from Iran in Jan’16, the government there has started giving push to the country’s infrastructure development leading to rise in its steel demand.
As per WSA data, Iran has produced 10.10 MnT of crude steel in the first seven months (from Jan-Jul) of 2016, registering 5% growth from 9.65 MnT in the corresponding period of previous year.
According to WSA (World Steel Association) data, country stands at 14 rank in terms of crude steel production amongst 66 major steel producing nations.
Iran is the biggest steel producer in the Middle East and North Africa. The country’s main steel production facilities are located in Isfahan and Khuzestan provinces.
Iran’s exports of steel ingots and steel products experienced a 51% hike in the first five months of the current Iranian calendar year (March 21-August 21)* compared to the same period of time in the past year. *Iran’s fiscal year starts from March 21 and concludes on next year’s March 20.
According to the report, steel ingots and steel products exports in the said period reached 2.31 MnT, registering a 51% rise from 1.52MnT during the same time in the preceding year.
Iran has become one of the potential market for Indian steel exporters also after the bilateral trade agreement was signed between Iran and India in Jun’16, for the development of railways and other infrastructure projects at strategically important Chabahar port at Iran.
Source: World Steel Association
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