Value of Iran's crude steel, steel exports reach USD3.6 billion in 7 months
Date
12/9/2024 4:11:04 AM
(MENAFN) Iran's steel exports in the first seven months of the current Iranian calendar year (March 20–October 21) amounted to USD3.643 billion, marking a 14 percent decrease from USD4.255 billion during the same period last year. The volume of these exports totaled 16.519 million tons, slightly down by 0.5 percent from 16.601 million tons in the same months of the previous year. Despite this decline in export value, Iran's steel industry showed resilience in production growth.
The World Steel Association (WSA) reported that steel production in Iran for the first quarter of 2024 grew by 16.3 percent compared to the same period in the previous year. Global steel production also saw a slight increase of 0.5 percent, reaching over 469 million tons in the first quarter. Of this, 161.2 million tons were produced in March 2024 alone. Iran produced 7.6 million tons of steel in the first quarter of 2024, solidifying its position as one of the world’s top steel producers.
In the previous Iranian calendar year (ending March 19, 2024), Iran's steel production rose by 5.8 percent, reaching 29.334 million tons. This increase was driven by a 9.2 percent rise in billet and bloom production, which accounted for 18.45 million tons, and a 0.7 percent increase in slab production, amounting to 10.88 million tons. Furthermore, the production of sponge iron grew by 8.5 percent compared to the previous year, demonstrating overall positive trends in Iran's steel sector.
The data from the Iranian Steel Producers Association (ISPA) also highlights that despite a dip in export revenues, Iran's steel production is on an upward trajectory, placing the country among the top 10 steel producers globally. This growth in production, along with increased output in key steel components, signals a continued strengthening of Iran’s position in the global steel market.
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