Iran Gov’t Prepares to Cushion Effect of Sanctions on Metals, Minerals Market

Iran’s steel, metals and minerals trade with the world could be seriously hampered and limited to the local market, as the United States’ sanctions against the Islamic Republic are reimposed on Monday.
The administration of US President Donald Trump decided to reintroduce sanctions on Iran’s metals and minerals trade as well as other commodities after he pulled out of the 2015 Iran nuclear deal, otherwise known as the Joint Comprehensive Plan of Action.
This is set to hit Iran’s metals and minerals trade worldwide, as the US is also imposing secondary sanctions involving penalties on countries trading these products with Iran, including in the European Union where some countries have become increasingly important business partners of Iran since sanctions were lifted after the nuclear deal became effective in early 2016, S&P Global Platts reported.