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Iranian steel trade dynamics changing on sanctions-The 19th China (Guangzhou ) Int’l Casting product Exhibition
5/23/2018 鑄件展-casting expo-Die-casting expo-foundry expo |
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Financial Times reported that Iranian steelmakers and customers in major outlet regions such as the Middle East, North Africa and Asia have started to voice concerns that the US decision to quit the nuclear agreement would have a negative effect on the country’s steel exports and consequently on output. An Iranian producing source told Metal Bulletin that “If Iran has to cut its steel export volumes [because it is] unable to finance deals, it will have to reduce steel output because the domestic market will not be able to consume it, despite recent demand improvements.”
European banks foresaw such a situation and some of them, such as Austria’s Oberbank, froze operations a couple of months ago, according to a source involved in trading Iranian steel products.
Between 2015 and 2016, Iran’s exports increased by 53% to 5.6 million tonnes. In 2017, Iran’s steel exports increased by 32% year-on-year to 7.4 million tonnes, according to information provided by the US Department of Commerce. Semi-finished products accounted for the largest share of Iran’s steel exports in 2017, at 80% or 5.9 million tonnes. Long steel products made up 10% (748,000 tonnes), followed by flat steel products at 8.5% (627,000 tonnes), pipe and tube at 1.5% (113,000 tons) and stainless steel at 0.013% (1,000 tonnes).
Concerns started to spread in the global steel markets this week that trade with Iran is at risk since US President Donald Trump announced on May 8 that his country will withdraw from the nuclear deal with the Middle Eastern state.
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