50% Decline in Flat Steel Import Duties

Tariff rates on flat steel imports will be cut down by half to 10% in a bid to balance the domestic steel market, Deputy Industries, Mining and Trade Minister Jafar Sarqeyni announced during a meeting with industry players at Iran Chamber of Commerce, Industries, Mines and Agriculture last week. The official did not specify when the new measure will be implemented. “The supply of flat steel in the domestic market is slightly lower than demand, which can be balanced by imports,” he was quoted as saying by 24khabar. Sarqeyni noted that the import of about 700,000 tons will be sufficient for the current Iranian year (ending March 20, 2017). Last fiscal year witnessed the import of 5.2 million tons of flat steel.