Economy, Business And Markets

Iran's Domestic Steel Market Prioritized Over Exports

Domestic Steel Market Prioritized Over ExportsDomestic Steel Market Prioritized Over Exports

The Ministry of Industries, Mining and Trade has issued a directive mandating steelmakers to increase their supply to Iran Mercantile Exchange to reach the minimum volume set by the government, or face limitations on exports.
The minimum amount, according to the letter on Wednesday, is 120% of the exchange’s effective demand for the last fiscal year (ended March 20, 2018). Any change in the volume will be advised by the ministry, Tasnim News Agency reported.
Failing to comply will halt steelmakers’ exports and even freeze their trading codes, as the letter emphasizes that steelmakers must prioritize meeting local demand over shipments abroad and focus on creating higher value-added.


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