QINGDAO, China, Sept 24 Reuters Iranrsquos iron ore exports may stop from 2019 due to low prices and as it consumes more of the raw material in its bid to more than triple steel production by 2025, said an industry executive from the country.
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From 23.6 million tonnes in 2013, Iranrsquos iron ore shipments are likely to drop to 15-16 million tonnes this year and to less than 10 million tonnes by 2017, said Keyvan Jafari Tehrani from the Iron Ore Producers and Exporters Association of Iran IROPEX.
Feb 13, 2012nbsp018332Iran is the worlds sixth-largest exporter of iron ore, with shipments of nearly 16 million tonnes last year. Almost all of them went to China, the.
Iran exported 22 million tonnes of iron ore in 2014, the ninth biggest in the world, according to data from the International Steel Statistics Bureau. But that was just a fraction of the 754 million tonnes from top shipper Australia.
A 60-percent slide in iron ore prices over the past two years has shut higher cost mines globally, including many in Iran, leaving a big chunk of the Chinese market the largest for the raw material to low-cost suppliers from Australia and Brazil.
From around 57 a tonne .IO62-CNISI currently, analysts polled by Reuters expect iron ore to average 50 over the next two years amid signals that steel demand in China has peaked or is close to peaking.
Iranrsquos exports of the bulk commodity to China fell nearly 50 percent to just over 8 million tonnes in January-August, based on Chinese customs data.
Iran also needs more iron ore at home as it plans to lift steel output to 55 million tonnes by 2025 from 16.3 million tonnes last year.
That goal would need 159 million tonnes of iron ore a year, said Tehrani, with last yearrsquos production only reaching 45 million tonnes.
The Islamic country is seeking foreign investment to help extract more iron ore, with domestic reserves at 2.5 billion tonnes, nearly triple South Africa, one of the worldrsquos main producers, according to the U.S. Geological Survey.
Following the leaders remarks, the government levied a 25-percent duty on the exports of raw minerals especially iron ore as from September 23, 2019. According to Esmaieli, 10 years ago Iran exported more than 20 million tons of unprocessed iron ore and the.
Iran Central Iron Ore Company is an Iran-based iron producer that exports various iron products regionally and to East Asia. Iran Central Iron Ore Company has previously exported approximately 1.5 million tons of iron products around the world with an estimated value of 133 million dollars.
Macroeconomic and Foreign Exchange Policies of Major Trading Partners.
The Iranian regime continues to use profits from metals manufacturers and foreign sales agents to fund destabilizing behavior around the world, said Secretary Steven T. Mnuchin. The United States remains committed to isolating key sectors of the Iranian economy until the revenues from such sectors are refocused toward the welfare of the Iranian people.
Todays actions are being taken pursuant to Executive Order E.O. 13871, which imposes sanctions with respect to the iron, steel, aluminum, and copper sectors of Iran.
Germany-based Tara Steel Trading GmbH is a wholly owned subsidiary of Mobarakeh Steel Company engaged in the wholesale of metals and metal ores in Europe. In 2018, Tara Steel Trading GmbH generated the equivalent of nearly 60 million dollars in sales, and held assets valued at the equivalent of more than 100 million dollars. It has also purchased tens of millions of dollars in spare parts for Mobarakeh Steel Company.
Metil Steel is an Iran-based steel producer and exporter that is majority-owned by Mobarakeh Steel Company.
OFAC is designating Tara Steel Trading GmbH, Pacific Steel FZE, Better Future General Trading Co LLC, Tuka Metal Trading DMCC, and Metil Steel pursuant to E.O. 13871 for being owned or controlled by, directly or indirectly, Mobarakeh Steel Company.
Todays action also targets three large aluminum, steel, and iron producers in Iran, who collectively contribute to the equivalent of billions of dollars generated overall in sales and export of Iranian metals annually.
SMM data showed that iron ore stocks across 35 Chinese ports totalled 106.22 million mt as of August 14, up 290,000 mt from a week ago and 410,000 mt higher than a year ago. Daily average deliveries from the 35 ports increased 94,000 mt on a weekly basis and 694,0 00 mt on a.
Iron ores are rocks and minerals from which metallic iron can be economically extracted during the mining process. Waste elements other than iron Fe in iron ore dilute the overall grade of the ore and incur a smelter penalty. Penalty elements change the physical properties of iron and can impede the proper operation of the smelting facility.
Chinese iron ore imports totaled 547 million mt in the first half of 2020, up 10 year on year. Over January-June, China imported 38.12 million mt of coking coal, up 5 from the same period last year.
Indias state-owned KIOCL will import one million metric tons of iron ore from Gol Gohar Mining Company of Iran, media reports say.
We are in the final stages of talks with Gol Gohar Mining Company of Iran for a tie-up to import about 1 MT of iron ore, PTI quoted KIOCL Chairman and Managing Director Malay Chatterjee as saying.
It is expected to be formalized in a month, post which the first shipment can take another week to reach Mangalore port,8221 he added.
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