News ID: 231262
Published: 0227 GMT September 12, 2018

Iran announces new rule for steel, petrochemical exports

Iran announces new rule for steel, petrochemical exports

The Iranian government announced a new rule on steel and petrochemical exports which goes into immediate effect, according to a directive issued by the Central Bank of Iran.

Based on the directive, exporters of steel (including semi-finished, finished and downstream products) and petrochemical materials, must return all hard currency earned from overseas sales into the country within 60 days from the date of export, Platts reported.

Iran's main steel producers, excluding small private sector mills, exported 2.62 million tons of finished and semi-finished steel in the four months from March 21 to July 21, according to statistics from Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO), a 13-percent increase from the same period last year.

World Steel Association (WSA) in its report said that Iran's crude steel production registered a considerable 25.8 percent growth in the first half of 2018, compared to the same period last year.

The report showed that Iran produced more than 21.8 million tons of crude steel in the year which ended March 20, 2018, ranking 13th among world's top 65 steel producers.

It is expected that Iran will stand seventh in 2025 with a production capacity of 55 million tons of crude steel at large.

Earlier, World Steel Association (WSA) had announced that Iran stood 11th in the first five months of 2018.

Iran produced 2,080,000 tons of crude steel in June 2018, showing a considerable 16.5 percent growth compared to the figure for the same period of last year.

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