Economy, Business And Markets

Iron Ore Production Forecast

Iron Ore Production ForecastIron Ore Production Forecast

Close to 32 million tons of iron ore will be produced by the end of the current Iranian year (March 19, 2016), said vice president of Iran Iron Ore Producers and Exporters Association. Bahram Shakouri added that it is highly unlikely for iron ore exports to exceed the 8-million-ton mark due to plummeting global prices and fierce competition in international markets, ISNA reported. Iran exported 22 million tons of iron ore in 2014, making it the ninth biggest exporter of this raw material worldwide, according to International Steel Statistics Bureau. According to the official, iron ore production costs in Iran, especially those of granulated iron ore, are relatively low compared with the global average. However, due to underdeveloped railroad and shipping infrastructures, high transportation costs offset this competitive edge.