Iran’s sponge iron shipments reach USD146M in H1
Date
10/13/2024 8:42:01 AM
(MENAFN) Iran exported 596,000 tons of sponge iron valued at USD146 million during the first six months of the current Iranian calendar year (March 20–September 21), according to data from the Iranian Steel Producers Association (ISPA). This marks a significant drop compared to the same period last year when the country exported 903,000 tons of sponge iron worth USD232 million.
Year-on-year, Iran’s sponge iron exports fell by 37 percent in value and 34 percent in volume. Sponge iron, also known as direct reduced iron (DRI), is made by reducing iron ore directly with gas or carbon from natural gas or coal. This process is applicable to a variety of iron ores in different forms, such as lumps, pellets, or fines.
Despite the challenges posed by severe U.S. sanctions on Iran’s economy, which have impacted various industries, the mining sector has continued to make progress. The country's ability to produce and export sponge iron demonstrates resilience, with production increasing despite external pressures.
The Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) has attributed the rise in sponge iron production to the establishment of new plants. By partnering with the private sector and adopting a new strategy, the organization has successfully launched several projects in recent years to boost sponge iron output.
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