Iranian steelmakers disappointed by export restriction
2020-05-09 14:57:13 [Print]
Iranian steelmakers have expressed disappointment at a new directive restricting steel exports issued by the country's Ministry of Industry, Mining and Trade.
In response, the Association of Iranian Steel Producers issued a statement and said: "The new order of the ministry means that steel exports should be reduced this year in the context of a decline in domestic demand for steel products due to reduced construction activities."
The country's steelmakers forecast a further decline in demand for steel products, especially rebar, due to the impact of the COVID-19 on the economy.
Steelmakers say the new directive deprives Iran of much-needed foreign currency earnings at a time when it is struggling to sell oil because of the sanctions from the U.S.
Iran produced 10.22 million tons of steel and iron in the last fiscal year, of which only 2.55t were exported.
In response, the Association of Iranian Steel Producers issued a statement and said: "The new order of the ministry means that steel exports should be reduced this year in the context of a decline in domestic demand for steel products due to reduced construction activities."
The country's steelmakers forecast a further decline in demand for steel products, especially rebar, due to the impact of the COVID-19 on the economy.
Steelmakers say the new directive deprives Iran of much-needed foreign currency earnings at a time when it is struggling to sell oil because of the sanctions from the U.S.
Iran produced 10.22 million tons of steel and iron in the last fiscal year, of which only 2.55t were exported.
