News ID: 274894
Published: 0354 GMT September 29, 2020

China top buyer of Iranian steel: IRICA

China top buyer of Iranian steel: IRICA

China was by far the top buyer of Iranian steel in the first five months of the current Iranian year (March 20-August 21), according to figures released by the Islamic Republic of Iran Customs Administration (IRICA).

Citing IRICA figures, IRNA said in a report that China was responsible for nearly $358 million worth of steel purchases from Iran in the said period.

That amounted to nearly half of all Iranian steel shipments sent to Southeast Asia, said the report, adding that countries in the region received nearly 86 percent of all Iranian steel exports over the period, Press TV reported.

Total revenues generated from exports of metals and mining products reached $1.082 billion, from late March to late August, it said, adding that nearly half of all shipments were comprised of steel products.

Iran’s steel output in August surged by 14.6 percent compared to last year, to stand at 2.4 million metric tons, according to figures released by the World Steel Association. That was much higher than the average monthly growth seen in global steel production, which was around 0.6 percent.

Total steel output in Iran in the first eight months of 2020 increased by 11.3 percent, to reach 18.625 million tons, said the report by IRNA, citing World Steel figures.

The increased production and exports of steel in Iran has come despite sanctions imposed on the sector by the US which seeks to choke off the country’s lucrative trade of metals.

It also comes despite restrictive measures imposed on plants and mills since March to curb the spread of the coronavirus in the country.

 

 

   
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