News ID: 206520
Published: 1229 GMT December 19, 2017

Iran to levy duty on iron ore exports

Iran to levy duty on iron ore exports

The Iranian government plans to levy a 10-percent export duty on non-concentrated iron ore from the beginning of the next Iranian year (March 21, 2018), according to a report by Steelprice, a domestic website close to the industry, citing Jafar Sarqeini, a deputy at Industry, Mine and Trade Ministry.

The duty will also be increased from 10 percent to 15 percent within a year and the government aims to impose another export duty on concentrated iron ore as well as on non-concentrated materials, the report cited Sarqeini as saying, Platts reported Tuesday.

Iran also plans to eliminate the existing export duty on iron ore pellets, due to increases in production, according to Sarqeini. The export duty on pellets is currently 15 percent.

This is the third time the government has tried to impose a duty on iron ore exports: previous attempts were unsuccessful due to relatively low iron ore market prices at the time, according to market sources.

Iran produced 20.8 million tons of pellet in the first eight months of the current Iranian year (March 21-November 21), 26 percent more than the same period last year.

Production of iron ore concentrate also increased to 24.85 million tons in this period, an 18 percent year-on-year increase, according to Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).

Iran has announced that its policy is to reduce raw material exports, even though statistics show an increasing trend in iron ore exports.

Iranian miners exported 12.57 million tons of iron ore during the eight-month period, up 11.8 percent year-on-year, mostly shipped to China, according to IMIDRO.

   
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