Economy, Business And Markets
0

Worldsteel: Iran Steel Output Rises 21% in Jan.-Aug.

Worldsteel: Iran Steel Output Rises 21% in Jan.-Aug.  Worldsteel: Iran Steel Output Rises 21% in Jan.-Aug.

Iranian steel mills produced a total of 16.43 million tons of crude steel during the first eight months of 2018, up 21.6% compared with last year’s corresponding period. According to the latest report released by World Steel Association, Iran’s August steel output grew 9% year-on-year to hit 1.98 million tons, the Brussels-based international trade body for the iron and steel industry added. Iran has been ranked the world’s 10th biggest producer of steel during eight months. The country is placed between Brazil (9th) with 23.23 million tons and Italy (12th) with 16.13 million tons. The world’s 64 steelmakers produced a total of 1.19 billion tons of steel during the period under review, up 4.7% YOY. Global steel output stood at 151.95 million tons in August, indicating a 2.8% increase YOY. China was the world’s largest with 617.39 million tons of steel output, up 5.8% YOY. Chinese steel production hit 80.32 million tons in August to rise 2.7% YOY. It was followed by India with 70.83 million tons, Japan with 70.19 million tons, the United States with 56.90 million tons, South Korea with 48.33 million tons, Russia with 48.26 million tons, Germany with 30.25 million tons, Turkey with 25.15 million tons and Brazil with 23.23 million tons. Iran’s crude steel output stood at 21.72 million tons in 2017, the report said, up 21.4% YOY. Crude steel is defined as steel in its first solid (or usable) form: ingots and semi-finished products (billets, blooms and slabs). This is not to be confused with liquid steel, which is steel poured. Global direct-reduced iron output increased 10.3% year-on-year to 6.81 million tons in August. Production for the eight months grew 16.7% year-on-year to 55.52 million tons. The largest increase was in Argentina where output increased 47% YOY to 1.01 million tons. India, Iran's primary rival in DRI output, increased its eight-month production by 12.2% YOY to 19.77 million tons. Iran aims to become the world’s sixth largest steel producer as per the 20-Year Vision Plan, which targets annual production capacity expansion to 55 million tons and 20-25 million tons of exports per year by the end of the plan in 2025. Iranian steel mills have so far realized just over 30 million tons of the capacity target. The country has been working to increase its iron ore processing capacity, including both DRI and hot-briquetted iron production to feed its steelmaking expansion target.

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