China Traders Cut Back Iran Iron Ore Purchases Ahead of Tariff Hike

China has taken fewer shipments of iron ore from Iran over August and September, according to Refinitiv Eikon data, as additional export tariffs due to be imposed by Tehran have dampened risk appetites in the world's biggest steelmaker.
Iran's Ministry of Industries, Mining and Trade has imposed 20-25% duties on the export of unprocessed minerals as of Sept. 23.
According to Deputy Industries Minister Jafar Sarqeini, the decision is aimed at supporting domestic production, preventing the export of unprocessed minerals and generating more value-added.
The official noted that exports of iron ore concentrates and pellets will see 25% duties, the Industries Ministry's news service Shata reported.
Iron ore appears to be at the forefront of the new restrictive measure, as experts warn Iran is facing a shortage of iron ore to feed its steel industries in the near future.