Economy, Business And Markets

$1.6b Surplus in Mineral Trade

$1.6b Surplus in Mineral Trade$1.6b Surplus in Mineral Trade, $1.6b Surplus in Mineral Trade
Steel and steel products accounted for the lion’s share of Iran’s mineral exports in terms of value, as 3.4 million tons worth $1.4 billion were shipped during the six-month period

Iran exported more than 25.5 million tons of mineral products worth over $3.4 billion during the first half of the current fiscal year (started March 20), registering a 25.36% and 15.63% growth in export volume and value respectively compared with last year’s corresponding figure.

Imports also stood at 2.7 million tons valued at $1.8 billion to post a 37.5% and 25.7% decline respectively, according to a communique published by the Iranian Mines and Mining Industries Development and Renovation Organization on the social media.

Steel and steel products accounted for the lion’s share of exports in terms of value, as 3.4 million tons of the industrial material worth over $1.4 billion were shipped during the six-month period. Steel exports experienced a 59% and 11% rise in volume and value respectively.

Copper and its downstream products were Iran’s second biggest mineral exports with 423,100 tons worth $463.3 million. The mineral and its products also registered the highest rise in export volume and value among all minerals, as they surged 510% and 472% respectively compared with the first half of last year.

Iron ore exports came third, as more than 8.4 million tons worth $327.5 million were exported, registering a 45% and 54% year-on-year growth respectively.

Other exported mineral commodities during the six-month period were cement with 6.3 million tons worth $262.8 million, stones with 2.7 million tons valued at $151.8 million, aluminum and its products with 76,900 tons worth $111.05 million, lead with 74,500 tons worth $103.8 million, zinc with 73,400 tons valued at $93 million, chromium with 248,800 tons worth $36.1 million, ferroalloys with 19,800 tons worth $29.6 million, molybdenum with 2,000 tons worth $14.64 million, coal and coke with 96,600 tons worth $2.43 million, precious metals and stones (gold, silver, etc.) under 1 ton worth $170,000, titanium less than 1 ton worth $80,000 and nickel under 1 ton worth $10,000.

Steel and its products also occupied the top spot among imported minerals, as 1.9 million tons worth $1.2 billion were imported during the period, registering a 5.9% and 16.5% drop in volume and value of imports compared to last year.

Aluminum and titanium ranked second and third with 183,100 tons worth $157.31 million and 26,800 tons worth $51.96 million respectively.

Iran’s mineral exports have been on the rise in the current fiscal year. The mining sector registered a 47% year-on-year growth in exports value for the year’s first quarter (March 20–June 20).

The growth, however, is slowing down and following the same trend, it could enter the negative territory in the next two months.

Iran’s last fiscal year’s (March, 2015-16) mineral trade figures showed $7 billion for exports and $4.44 billion for imports.

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

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