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Sanctions hit Iranian steel imports, but exports increase - 11 July 2012

Iranian imports of finished and semi-finished steel decreased 23% year-on-year in the first three months of the current Iranian year (21 March-20 June), totalling 1.69m tonnes, according to a domestic economic report; billet imports fell 28% y-o-y to 706,000t. Finished product exports, however, increased 69% y-o-y in that time period to 400,133t.

A local trader told Platts Steel Business Briefing that Iranian exports are expected to increase in the short-term as re-rollers look to finance growing demand for billet imports. Iraq, which is Iran’s most important export market at present, has already imposed some restrictions on steel imports from Iran. Afghanistan is Iran’s second export market.

Iranian steel imports will probably continue their downward trend in the coming months owing to economic sanctions, the trader observed. It is vital, therefore, that at least three or four new domestic billet plants are completed before the end of the year, he added.

 

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