TEHRAN- Iran has exported 3.787 million tons of steel ingot during the first eight months of the current Iranian calendar year (March 20-November 20), according to the data released by the Iranian Steel Producers Association (ISPA).

The released data show that the country’s steel ingot export has fallen 13 percent in the eight-month period of this year, from that of the same period of time in the past year, which was 4.377 million tons.

While the export of this product has dropped in the mentioned time span, its production has increased eight percent.

Over 19 million tons of steel ingot was produced during the eight-month period of the present year.

Production of steel ingot in Iran is expected to surpass 30 million tons in the current Iranian calendar year (ends on March 20, 2021), Deputy Industry, Mining, and Trade Minister Darioush Esmaili has announced.

Saying that Iran is currently the world’s 10th biggest steel producer, the official underscored that the country is planning to rise to 8th place by the Iranian calendar year 1404 (starts in March 2025).

He said the Industry Ministry has it on the agenda to increase the country’s steel ingot production to 55 million tons by 2025, for which 160 million tons of iron ore is required annually.

“Given the country's 2.8-billion-ton iron ore reserves, we need new explorations in this field, because when the annual steel ingot production capacity reaches 55 million tons, the current production levels of iron ore can only supply the industry for 12 to 13 years,” the official stated.

In a bid to prevent the exports of unprocessed minerals, creating more value-added and meeting the requirements of domestic producers for the raw materials, Iran has levied a 25-percent duty on the exports of raw minerals (especially iron ore) since late September 2019.

Industry, Mining and Trade Ministry believes that the duty is going to encourage the production of more processed minerals such as pellets and concentrate instead of selling the raw minerals.

Some 10 years ago Iran exported more than 20 million tons of unprocessed iron ore and the figure fell to a maximum of six million tons last year.

As the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has announced, Iran’s annual steel ingot production is planned to increase 3.2 million tons in the current Iranian calendar year (ends on March 20, 2021).

MA/MA