(MENAFN) Iran's sponge iron exports estimated 360,000 tons during March 2013-2014, which is equivalent to the product's imports, Iran Daily reported.
In a statement, the director general of the Ministry of Industries, Mines and Trade, said that the reasons for the imports of an equal amount of sponge iron in this period are the lack of attention to domestic needs and improper management.
"Exports are indicative of a country's capacities. However, revenues and monetary resources earned through mineral exports are required for establishing infrastructures," he said.
Sponge iron is produced through direct reduction of iron ore and has a purity rate of up to 95 percent. It is the best option for replacing iron tailings in steel production units.
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