Economy, Business And Markets
0

“Certificate of Manufacture Origin” Mandatory for Metal Exporters

The move is aimed at countering profiteering middlemen who buy metals off Iran Mercantile Exchange at subsidized prices and sell them at higher prices, or falsely brand a certain product as another company’s
the export of “steel, or any other metals in the shape of ingot, slab, or cathode” without a certificate of manufacture origin has been banned.the export of “steel, or any other metals in the shape of ingot, slab, or cathode” without a certificate of manufacture origin has been banned.

Exporters of steel and other metal products from Iran henceforth need to submit "certificate of manufacture origin" to relevant authorities as per a recent directive issued by Minister of Industries, Mining and Trade Mohammad Shariatmadari.
The move is aimed at countering profiteering middlemen who buy metals off Iran Mercantile Exchange at subsidized prices and sell them at higher prices for profit, or falsely brand a certain product as another company's.
"Different types of metals are offered at IME at the official USD/IRR rate to support downstream industries' production and employment. However, there are those who turn this opportunity into a threat [for downstream buyers] by buying the products and exporting them [at black market forex rates]," reads a letter sent by Shariatmadari to the head of Islamic Republic of Iran's Customs Administration, Foroud Asgari.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com