$1.5b in Mineral Trade Surplus

Iran exported more than 20.6 million tons of mineral products worth over $2.83 billion during the first four months of the current Iranian year (March 21-July 22), registering a 3% growth and 5% decline in tonnage and value respectively compared with last year's corresponding period.

Mineral imports during the same period stood at 1.83 million tons worth $1.3 billion, registering a 1% decline and 11% growth in tonnage and value respectively year-on-year, Iranian Mines & Mining Industries Development & Renovation reported on its website.

Semi-finished steel and steel products took the lion’s share of exports in terms of value, as 3.3 million tons worth $1.17 billion were shipped overseas, up 9% in volume and down 19% in value YOY.

Iron ore followed with 5.67 million tons worth $311.6 million. The volume of shipments declined by 2%, as their value recorded a robust growth of 37%. Tension is running high between Iranian miners seeking to cash in on rising global prices by increasing exports and the Ministry of Industries, Mining and Trade pulling the reins to control raw export.

Copper and copper products came next with 249,435 tons valued at $232.8 million, down 12% and 39% in tonnage and value respectively.

Other exported mineral commodities during the four-month period included cement with 5.38 million tons worth $196.05 million, aluminum with 117,822 tons worth $138.8 million tons, stones with 2.22 million tons worth $130.2 million, zinc with 69,968 tons worth $122.8 million, lead with 39,303 tons worth $56.6 million, ferroalloys with 9,744 tons worth $15.8 million, molybdenum with 1,460 tons worth $12.6 million, chrome with 75,338 tons worth $11.09 million, precious mineral (gold, silver, etc.) with 28 tons worth $6.7 million, coal with 39,196 tons worth $5.01 million, titanium with 35 tons worth $74 million, antimony with 24 tons worth $27 million, mica with 28 tons worth $27 million, and “other minerals” with 3.41 million tons worth $418.1 million.

Meanwhile, crude steel and steel products had the largest share among Iran's imports of mineral commodities, as 1.06 million tons worth $796.18 million were imported, down 19% and 6% in tonnage and value respectively YOY.

Aluminum followed with 226,965 tons worth $133.04 million, up 101% and 39% respectively YOY.

Iran is home to 68 types of minerals with more than 37 billion tons of proven reserves and 57 billion tons of potential reserves.

According to the United States Geological Survey, Iran holds the world's largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite and 10th largest uranium reserves. Overall, Iran is home to more than 7% of global mineral reserves.