Economy, Business And Markets

Iron Ore Export Plummets

Iron Ore Export Plummets Iron Ore Export Plummets

The export of iron ore during the eighth month of the current Iranian calendar year (ended November 21) declined 90 percent to reach 144,900 metric tons, based on official statistics from the Customs Administration. During the first eight months of the year (March 21-November 21), as much as 7,764,900 metric tons of the raw material was exported, while the figure stood at 14,004,900 metric tons during the similar period last year. Market experts say if the prices continue to decrease, iron ore is expected to be eliminated from the list of non-oil exports, warning that this would substantially decrease Iran’s export revenues. Iron ore has been among the hardest hit industrial commodities in Iran, with prices falling more than 25% this year.