Iran exported 1.679mn mt of steel products in the first eight months of the current Iranian year (March 20-November 20), a drop of 30pc from 2.405mn mt in the prior-year period, stated media reports.
Of the total, steel ingot exports amounted to 3.78mn mt, a decline of 13pc from 4.37mn mt in the same period a year ago. Production of steel ingots, however, rose by 8pc to around 19mn mt in the period. In the current year, the output is likely to exceed 30mn mt, according to the deputy Industry, Mining, and Trade Minister Darioush Esmaili.
The total production of steel products has also increased by 9.4pc to 17.195mn mt in the eight months.
The country looks to explore new iron ore mines to cater to the rising steel ingot production. Currently, Iran has 2.8bn mt of iron ore reserves. Also, to prevent the export of raw materials, Iran has levied 25pc duty since September 2019.