Iran’s metals exports topped $8.4bn in year to March: Report

Iran saw its exports of metals grow in the year ending late March 2020, shows a report, as the country keeps earning more from the sector despite US trade bans.

According to Press TV, a Monday report by the IMIDRO, Iran’s largest holding company in the metals and mining sector, showed annual exports of metals had reached $8.4 billion in value terms at the end of the last calendar year.

The report said exports of steel products had grown by seven percent year on year to top $4.507 billion while copper products shipments had amounted to a total of $1.241 billion, a surge of 35 percent compared to the year ending late March 2019.

Zinc shipments also increased 18 percent year on year to reach $301 million while alumina powder, used as a raw material in aluminum production, surged by a 144 percent compared to the previous year to stand at $387,000.

Total metals exports exceeded 58 million metric tons in volume terms, said the report that was covered by the semi-official Fars news agency.

It said imports into the Iranian metals sector was largely down in the year to March with steel products at $986 million, a decrease of 23 percent year on year, adding that copper imports also declined by 3 percent to stand at $16.857 million.

The figures prove earlier reports suggesting there has been a stable trend of growth in the Iranian mining and metals sector despite a series of US sanctions that were enacted in May 2019 seeking to choke Iran’s lucrative trade of metals.

SS