China was by far the top buyer of Iranian steel in the first five months of the current calendar year ending August 21, shows figured provided by Iran’s customs office (IRICA).

Citing IRICA figures, the official IRNA news agency said in a Monday report that China was responsible for nearly $358 million worth of steel purchases from Iran between March and August.

That amounted to nearly half of all Iranian steel shipments sent to South East Asia, said the report, adding that countries in the region received nearly 86 percent of all Iranian steel exports over the period.

Total revenues generated from exports of metals and mining products reached $1.082 billion from late March to late August, it said, adding that nearly half of all shipments had comprised of steel products.

Iran’s steel output in August surged by 14.6 percent compared to last year to stand at 2.4 million metric tons, according to figures released by World Steel Association. That was way higher than the average monthly growth seen in global steel production which was around 0.6 percent.

Total steel output in Iran in first eight months of 2020 also increased by 11.3 percent to reach 18.625 million tons, said the report by IRNA citing World Steel figures.

The increased production and exports of steel in Iran has come despite sanctions imposed on the sector by the US which seeks to choke off the country’s lucrative trade of metals.

It also comes despite restrictive measures imposed on plants and mills since March to curb the spread of the coronavirus in the country.

 

Source: Press TV