The Iranian Deputy Minister of Mines and Materials, in a letter to the Ministry, announced on 11 April, the imposition of export tariffs on various products, including steel. In the case of steel billets, the export duty was set at 17% of the total product price. This move was initiated to discourage exports.
However, Iranian steel mills were opposing this move and were in continuous talks with the government for grant of some relief.
In the latest update received on the same, the export duties were reduced today in the latest announcement made by the Director General of Mineral Industries. Export tariffs on billets moved down 11% against 17% announced earlier, while for slabs the rates edged down by 17% from the previously-announced 22%.
Iran’s finished steel exports in the just-concluded Persian Year (21 March 2021- 20 March 2022) stood at 3.40 million tonnes (mnt), registering a significant 20% increase compared to last year, according to data from the Iranian Steel Producers Association (ISPA).
Exports of billets and blooms totalled 5.97 mnt, up 12% y-o-y. Slab export volumes were recorded at 2.58 mnt, a sharp rise of 62% compared with the same period last year.
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