48825
Steel and steel products made up the bulk of the export value with aggregated shipments of 2.95 million tons worth $1.29 billion.
Steel and steel products made up the bulk of the export value with aggregated shipments of 2.95 million tons worth $1.29 billion.

Mineral Exports Rise

Increase in the value of Iran’s mineral exports was largely due to the rise in commodity prices in addition to China’s growing demand for Iranian iron ore, low domestic demand for steel, and Iran’s higher copper concentrate output
China was the main destination for Iran’s mineral exports during the period. Over 8.7 million tons worth $641.6 million was shipped to the world’s third largest economy

Mineral Exports Rise

Iran exported 21.7 million tons of mineral products worth $2.9 billion during the first five months of the current Iranian year (March 20-August 21), registering 32.3% and 23% growth in weight and value respectively compared to last year’s corresponding period. Imports stood at 2.23 million tons worth $1.44 billion to record 39% and 26% decline, Iranian Mines and Mining Industries Development and Renovation Organization reported.
Steel and steel products made up the bulk of the export value with aggregated shipments of 2.95 million tons worth $1.29 billion – 62% and 17% growth in weight and value respectively.
Iron ore was Iran’s second biggest mineral export with 7.3 million tons worth $286.6 million, showing 67% and 83% growth year-on-year.
Copper came third as 382,061 tons worth $422.5 million were exported – 471% and 514% up in weight and value.
Other mineral exports during the five-month period were cement, stone, lead, aluminum, zinc, chrome, ferroalloys, molybdenum, coal, gold and precious metals, mica and titanium worth $205.5 million, $124.8 million, $81.8 million, $74.8 million, $71.6 million, $31.4 million, $25.8 million, $11 million, $2.3 million, $109,383, $97, 389 and $74,880 respectively.
Steel and steel products also topped the list of imports with over 1.5 million tons worth more than $1 billion, down 2% in weight and 15% in value. Aluminum was second in the list with 140,300 tons worth $121.7 million – down 3% and 28%.

  Export Destinations
China was the main destination for Iran’s mineral exports during the period, as over 8.7 million tons worth $641.6 million were shipped there. Iron ore was the main export to the world’s third largest economy, followed by stone, copper, chromite, zinc, steel, lead, aluminum and coal.
Iraq was the second biggest destination with 3.9 million tons worth $353.3 million. Cement topped the list of exports to Iraq, followed by steel, stone and aluminum.
The United Arab Emirates, Turkey, Italy, Oman, Afghanistan, Spain, India and Taiwan came third to 10th.

  Contributing Factors
The increase in the value of Iran’s mineral exports was largely due to the rise in commodity prices, in addition to China’s growing demand for Iranian iron ore, low domestic demand for steel, and Iran’s higher copper concentrate output.
At the beginning of 2016, steel prices rallied with the speculative fever in iron ore and signs that extra stimulus would spark a recovery in the Chinese economy. Both iron ore and steel prices peaked in the global markets in late April, Bloomberg reported.
Iron ore came out of 2015 at its lowest in years as it dropped to about $30 per ton in December.
The steelmaking material took on a positive trend in early 2016, and over signs of China’s cutbacks in its steelmaking capacity, spiked to a high of $70.46 per ton in April. The commodity’s gains lost steam in early May and have been recovering ever since. According to Metal Bulletin, 62% Fe iron ore CFR China stood at $60.22 per ton on Monday.
As for steel, after a rebound in early 2016, hot-rolled band ready for delivery at the port of choice hit about $450 per ton in late April, according to Steelbenchmarker, a World Steel Dynamics company.
Copper prices have also been on the rise lately. After hitting a low of about $4,600 per ton, prices rebounded to more than $5,000 in late July, according to the London Metal Exchange statistics.

 

Short URL : http://goo.gl/RoHjbj
  1. http://goo.gl/JlbI8J
  • http://goo.gl/ZIdvw4
  • http://goo.gl/qisxl8
  • http://goo.gl/4oc7M4
  • http://goo.gl/hVpE1f

You can also read ...

Oil Remains Biggest Contributor to Iran’s Economic Growth
A sectoral review of the Central Bank of Iran's latest report...
Anzali Port to Be Connected to National Railroad
Anzali Port in the northern Gilan Province will be connected,...
Departure Tax Revenues  Up 117 Percent
The government earned 3 trillion rials ($24 million) from...
Iran, Italy Transportation Officials Meet  in Tehran
Officials from Iran’s Road Maintenance and Transportation...
Trade With Thailand Grows 20%
Iran traded 1.02 million tons of non-oil commodities worth $...
Tomato Exports Earn $112m  in 5 Months
Iran exported 306,655 tons of tomatoes worth $112.08 million...

Trending

Googleplus