Economy, Business And Markets

Mineral Products: 9-Month Record

Mineral Products: 9-Month Record Mineral Products: 9-Month Record

Crude steel production in Iran registered a 6.1% growth during the first nine months of the current Iranian calendar year (ending March 20) compared with the similar period last year, according to a report published by the Persian economic newspaper Donya-e-Eghtesad.

This is while crude steel production in the 9th month of the Iranian calendar (November, 22 - December 21) indicated a 6.5% decline, after having recorded the highest production growth just a month earlier. The total crude steel produced during the period exceeded 12.63 million metric tons. Crude steel production in the similar period last year stood at 11.9 million tons.

Tiles and ceramics recorded the highest growth among all 13 mineral products, with 29.8% more production. Some 286 million square meters of tiles and ceramics were manufactured in the first nine months of the current year compared with 220.34 million square meters in the similar period last year.

The porcelain and chinaware sector also experienced a great hike during this period, producing 38,000 tons of products, 8.6% higher than last year.

The production of copper cathodes grew by 5.3% during this period, with production by various companies adding up to 145,700 tons compared with 138,400 tons last year.

Market experts point out as the main reasons behind lower production of aluminum ingots during the period, a weakening euro, a slump in China’s industrial productions in December and a huge amount of aluminum offered in London exchange market which caused aluminum prices to drop to $1,787 per ton.

The increase in aluminum production by Bahraini Aluminum Company, Alba to 913,000 tons at the time of recession, the 10% decrease in China’s aluminum consumption in 2014 compared to 2013, and continued recession in Europe’s scrap aluminum market are seen as some other factors causing reduction in worldwide production of the metal.