Iran’s Steel Product Exports Reach $2.56 Billion in Five Months

According to SAEDNEWS, Iran’s exports of steel products amounted to $2.566 billion during the five months leading up to late August, as reported by the country’s customs office. This figure reflects the export of approximately 4.979 million metric tons (mt) of various steel products between April 21 and August 21.

The detailed breakdown of the exports includes steel ingots contributing $651 million, while rebar and steel sheets generated $455 million and $210 million, respectively. Additionally, Iran exported $140 million worth of steel pipes and profiles, along with $135 million in semi-finished steel products during the same period.

In recent years, Iran has increasingly turned to metal and mining product exports, particularly in light of US sanctions that have limited its oil exports. This shift has allowed the country to leverage its steel industry as a crucial component of its economy.

Moreover, the ongoing conflict between Russia and Ukraine has further influenced the global steel market, leading to an uptick in exports from Iran. According to the World Steel Association, Iran produced 18.4 million mt of raw steel from January to July, representing a 2.9% increase compared to the same timeframe last year. Notably, this production rise occurred despite overall declines in global steel production and power shortages affecting local manufacturers during the summer months.

As of July, Iran maintained its status as the 10th largest steel supplier in the world, underscoring the resilience and growth of its steel industry amid challenging circumstances.