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Iran steel industry blasts out of the blocks despite sanctions

aryobarzan

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Having read the reports of Steel production in Iran..it reminded me of a program I saw on TV few years back (I think it was NOVA). The program was about the Viking swords and why they were so effective. After doing some detailed analysis of some of the swords excavated they realised that Viking swords has a special steel composition that was no where available in in Scandinavia or western europe at the time.. The only place they were able to find that steel composition was in Persia and this was a testimony of how Iranians were so advanced in the
one of the most basic tools of industrialization..so next time you think of Iranian industrial capabilities think of "Persian"Steel".:wave:
 
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Cthulhu

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Having read the reports of Steel production in Iran..it reminded me of a program I saw on TV few years back (I think it was NOVA). The program was about the Viking swords and why they were so effective. After doing some detailed analysis of some of the swords excavated they realised that Viking swords has a special steel composition that was no where available in in Scandinavia or western europe at the time.. The only place they were able to find that steel composition was in Persia and this was a testimony of how Iranians were so advanced in the
one of the most basic tools of industrialization..so next time you think of Iranian industrial capabilities think of "Persian"Steel".:wave:
Historical evidence suggests that there were trades between Iranians and Vikings, For example silk trade:

Norwegian Vikings purchased silk from Persia
 

Nasr

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The problem seems to be that you guys don't kill your corrupt people. In Iran we kill very quickly. A corrupt bastard must die because he is indirectly responsible for a lot of deaths and suffering. Iran is number 2 in the world in executions after China.

If we don't throw the book at the corrupt, we will become a failed state!
Yup, in Pakistan every corrupt b@$t@rd judge, politician, bureaucrat or police officer need to be hanged in public. Law should be robust and resilient against all crimes.
 

SubWater

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Traders dismiss US bans enacted after flare-up of tensions with Iran
Sunday, 12 January 2020 6:31 PM [ Last Update: Sunday, 12 January 2020 7:35 PM ]


US Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin take questions after announcing new sanctions on Iran, at the White House in Washington, DC, on January 10, 2020. (AFP photo)


Iranian traders say a new round of American sanctions enacted following a recent flare-up of tensions between the two countries would fail to impact a current growth in Iran's mining and metals sector.

“The new round of sanctions would not cause any substantial change in the conditions of steel manufacturers and other targeted industries,” said Bahador Ehramian, a board member at the Iranian Steel Producers Association (ISPA), on Sunday.

“It is because the US has already included Iran’s entire (metals) industry in the sphere of its sanctions,” Ehramian told the IRNA agency.

Washington imposed a series of wide-ranging bans on Iran’s trade of metals in May 2019, exactly a year after it decided to pull out of a major nuclear deal between Iran and international powers.

The metals trade bans came on top of a series of harsh sanctions imposed on Iran’s sale of oil and gas which has traditionally accounted for the bulk of the country’s revenues over the years.


Iran's total steel exports surge by %23 year-on-year in November: Report
Iran says total steel exports surged by 23.5 percent year-on-year in November.

However, numerous reports and studies have shown that unlike the oil sanctions, the bans on metals have largely failed to halt Iran’s growing export of various mining products as cargoes are normally shipped through third countries, making it difficult for the US to spot the origin of the shipments.

A recent report by Iran’s ministry of industries showed that steel exports had surged by nearly a quarter year on year between March and November 2019 to reach 7.8 million tons or $3 billion in value terms.

US president Donald Trump said earlier this week that he would impose a new series of tough sanctions on Iran after the Iranian military fired missiles at US bases in Iraq in response to the US assassination of an Iranian military commander January 3.

However, traders said the new bans, which mostly target major Iranian steel companies, were nothing to worry about.

The Sunday report by IRNA said that unlike the oil industry, the metals sector in Iran was highly flexible in dealing with the US sanctions.

“The reality is that if the target is the export and currency sources of the major mining companies ... this group would carry out its exports through some 2,000 private trade certificates of domestic and foreign origins,” said the report.


Iran to stand by tariffs on exports of raw metals: Minister
Iran’s industry minister says tariffs on export of raw metals are meant to help domestic producers.

Reza Shahrestani, another board member at ISPA, said that the new bans would only give a little more leverage to Iran’s customers when they want to finalize the prices.

“The sanctions would slightly increase the bargaining power of the customers while it is expected that they would make it difficult to transfer money,” said Shahrestani.

Iran’s increased export of various mining products comes despite the fact that country maintains some harsh tariffs on export of raw metals, including iron ore.

The policy is largely aimed at allowing mills and smelters across the country to increase their output and export products that could generate more hard currency for the government.

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News / Economy
Iran's total steel exports surge by %23 year-on-year in November: Report
Wednesday, 08 January 2020 7:04 PM [ Last Update: Wednesday, 08 January 2020 7:11 PM ]


Iran says total steel exports surged by 23.5 percent year-on-year in November.
Iran’s exports of various steel products increased by nearly a quarter in the eight-month period ending in late November 2019, a report shows.

The official IRNA agency cited statistics provided by Iran’s customs office as saying that total steel exports from Iran between March 20 and November 21 last year had reached 7.8 million tons, an increase of 23.5 percent compared to the similar period in 2018.

The report said the average income gained for each ton of various steel products exported to other countries was $385 .

That comes as Iran exported nearly 9.5 million tons of steel products in both 2017 and 2018. Authorities hope they could exceed the 10-million export target in 2020.

Iran’s current steel output capacity is around 36 million tons a year while actual production has neared around 24 million tons, according to government estimates and international reports.


Demand for Iran’s copper outpaces supply for first time: NICICO
Iran’s national copper company says demand for Iranian metal has outpaced supply for first time.

The country is currently 10th on the list of leading global steel manufacturers and plans are in place to improve the rank by 2025 when output capacity is expected to significantly increase to nearly 50 million tons a year.

The World Steel Association said in a report in December that Iran had outperformed other steel producers in the world in terms of growth of the industry in 2019, saying production until the end of November had increased by 5.3 percent, nearly double the global rate of growth in the sector.

The increased output and capacity in Iran’s steel sector comes despite a series of tough sanctions imposed by the United States which seek to hamper the country’s lucrative metals trade.

The bans enacted in May this year have largely failed to halt exports of various metals from Iran as traders normally ship cargoes via third countries.
 

SubWater

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Iran expects steel exports to touch $5 billion despite US war
Wednesday, 22 January 2020 11:06 AM [ Last Update: Wednesday, 22 January 2020 11:26 AM ]


Iran is a leading producer of steel in the world.
Iran expects its steel exports to touch 10 million tonnes in the year to March 21, 2020 despite “tyrannical” sanctions imposed on the country by the US, a senior official says.

The exports will bring in $4 billion to $5 billion for the country which is hard pressed for money amid an aggressive US push to sink Iran’s oil revenues to zero, head of the country's largest holding in metals sector known as IMIDRO Khodadad Gharibpour said.

Earlier this month, the Trump administration imposed new sanctions on Iran’s metals sector, targeting the construction, manufacturing, textiles, mining, aluminum, copper, iron and steel industries, Treasury Secretary Steven Mnuchin said.

They came on the back of the first set of sanctions imposed last May on export revenues from Iran’s industrial metals sector which the US government said constituted 10% of the country’s export economy.

The measure put “other nations on notice that allowing Iranian steel and other metals into your ports will no longer be tolerated,” US President Donald Trump said in a statement at the time.

US bans targeting Iran’s metals trade came a year after Washington withdrew from a major international deal on Tehran’s nuclear program and started piling economic pressure on the country.

Last month, the US government warned against exports of steel-making materials to Iran, including graphite electrodes and needle coke.

However, Iran’s Minister of Industry, Mine and Trade Reza Rahmani put the damper on Washington’s haughty grandstanding, saying Iranian producers had obtained the technology to make graphite electrodes.


Iran says steel industry growing after US turns up sanctions heat
Iran’s industrial metals, specifically steel, are the latest target in the Trump administration’s maximum pressure campaign, but officials say the sector is unfazed and keeps growing.

“The aim of harsh American sanctions on the metal industry is to stop Iran’s exports, but this did not happen practically and we are seeing a boom in exports,” Gharibpour said on Tuesday.

Over the current Iranian year, he said, exports of National Iranian Copper Industries Co and Mobarakeh Steel Company have risen by more than $1 billion.

Iran is a leading producer of steel in the world, with officials saying exports continue despite the US sanctions.

The country plans to raise steel output to 55 million tonnes a year by 2025, of which 20 to 25 million tonnes would be earmarked for export.

Deputy Minister of Industry, Mine and Trade Jafar Serqini said last month Iran has currently 35 million tonnes of steel production capacity.

Several steel units with an overall capacity of 10 million tonnes are currently being built with above 50 percent of physical progress, while another 10 million tonnes of capacity has been defined to be established, he said.

Steel output is expected to hit 28 million tonnes this year in March, when the current Persian year concludes, Gharibpour has said.
 

skyshadow

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Iran expects steel exports to touch $5 billion despite US war
Wednesday, 22 January 2020 11:06 AM [ Last Update: Wednesday, 22 January 2020 11:26 AM ]


Iran is a leading producer of steel in the world.
Iran expects its steel exports to touch 10 million tonnes in the year to March 21, 2020 despite “tyrannical” sanctions imposed on the country by the US, a senior official says.

The exports will bring in $4 billion to $5 billion for the country which is hard pressed for money amid an aggressive US push to sink Iran’s oil revenues to zero, head of the country's largest holding in metals sector known as IMIDRO Khodadad Gharibpour said.

Earlier this month, the Trump administration imposed new sanctions on Iran’s metals sector, targeting the construction, manufacturing, textiles, mining, aluminum, copper, iron and steel industries, Treasury Secretary Steven Mnuchin said.

They came on the back of the first set of sanctions imposed last May on export revenues from Iran’s industrial metals sector which the US government said constituted 10% of the country’s export economy.

The measure put “other nations on notice that allowing Iranian steel and other metals into your ports will no longer be tolerated,” US President Donald Trump said in a statement at the time.

US bans targeting Iran’s metals trade came a year after Washington withdrew from a major international deal on Tehran’s nuclear program and started piling economic pressure on the country.

Last month, the US government warned against exports of steel-making materials to Iran, including graphite electrodes and needle coke.

However, Iran’s Minister of Industry, Mine and Trade Reza Rahmani put the damper on Washington’s haughty grandstanding, saying Iranian producers had obtained the technology to make graphite electrodes.


Iran says steel industry growing after US turns up sanctions heat
Iran’s industrial metals, specifically steel, are the latest target in the Trump administration’s maximum pressure campaign, but officials say the sector is unfazed and keeps growing.

“The aim of harsh American sanctions on the metal industry is to stop Iran’s exports, but this did not happen practically and we are seeing a boom in exports,” Gharibpour said on Tuesday.

Over the current Iranian year, he said, exports of National Iranian Copper Industries Co and Mobarakeh Steel Company have risen by more than $1 billion.

Iran is a leading producer of steel in the world, with officials saying exports continue despite the US sanctions.

The country plans to raise steel output to 55 million tonnes a year by 2025, of which 20 to 25 million tonnes would be earmarked for export.

Deputy Minister of Industry, Mine and Trade Jafar Serqini said last month Iran has currently 35 million tonnes of steel production capacity.

Several steel units with an overall capacity of 10 million tonnes are currently being built with above 50 percent of physical progress, while another 10 million tonnes of capacity has been defined to be established, he said.

Steel output is expected to hit 28 million tonnes this year in March, when the current Persian year concludes, Gharibpour has said.

well when you as country have a good technology and products and friends that are also being sanctioned then they will buy your products even more than when they were not sanctioned because now that they are sanctioned and at war they need it even more, countries like Iraq and Afghanistan and Syria and other countries like Russia and China will still need you produces even more
 

zectech

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Iran has vast iron (steel production) reserves and vast copper reserves.

What Iran should do is use these base metals to back up their currency with copper. They can make 2.5 billion euros worth of copper coins a year. You can print as much paper because who wants to carry bags of copper coins worth 3 euros a pound? If you want to carry 30 euros, would you rather carry and count 10 pounds of copper coins, or would you rather have banknotes? Everybody would prefer paper, with coins as limited loose change.

Where does steel come in. Iran can make nearly 1 billion euros or more if needed worth of pure steel coins and don't use them except against those who are trying to devalue the Rial. If anybody is selling Rial in the black market for less than the going rate of copper-backed Rial, or is shorting the Rial, or doing anything to damage the value of the Rial, what you do is confiscate the foreign and Iranian currency (and bank account currency) the thief has and don't give them banknotes in return, or copper coins in return, punish them by giving them coins of steel, a pound of steel coins would be worth about 0,25 euros, so if somebody is seeking to damage the value of the Rial, dump tonnes of steel coins on the offender's property in the total value of the confiscated banknotes that were being used to devalue the Rial, including Rial banknotes. Let the offender use nearly worthless steel coins to pay for goods and services they need, and don't let the bank clean/launder them. Put a cap on what the bank can take in steel coins per Iranian per year. Force shame on that Iranian for selling out Iran, literally selling out Iran and Iranian Rial.

There is no reason why the Rial should not be stronger than the dollar, except for the petrodollar and war and threats and blackmail and criminal behaviour of Washington to collapse other countries' GDP and currency Washington does not like.

This would support a closed economy's currency.

Stockpile the silver Iran mines for major Iranian purchases of military hardware. Or for backing the Rial if running low on copper.

The loss of silver, copper and Iranian steel to other countries is not good. That belongs to the Iranian people and they get worthless paper euro banknotes for real money (ie: copper)... as copper and steel are real commodities and real value.

If India was making toilet paper with each toilet sheet was worth 100 euros, would you trade 10000 rolls of toilet paper for 1 billion euros worth of steel. That is not a fair trade. Neither is worthless euros or worthless dollars or worthless Indian rupees for valuable commodities sold by Iran. Iran is getting cheated in selling their mineral resources. Oil can be sold, Iran has oil and gas for 100s of years, minerals are very valuable and should not be exported. Copper should be make into coins, and steel into weapons. Make 100.000 tanks per year with your steel. Print paper money backed by copper coins and Iran can have more Bavar 373s than Iran needs.
 
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SubWater

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Iran’s steel exports soar 93% in Jan. after stiffer US sanctions
Wednesday, 12 February 2020 9:57 AM [ Last Update: Wednesday, 12 February 2020 10:17 AM ]


An Iranian takes stock of the products at a steel mill.
Stiffer US sanctions imposed on Iran’s steel industry late last year are failing to impact the sector which saw exports of the strategic metal jump 93 percent in January.

According to statistics released by Iranian mines and metals group IMIDRO, major producers exported 675,000 tonnes of steel in the first month of the year.

They also exported 5.88 million tonnes of finished and semi-finished steel in the first 10 months of the current Iranian year up to January 20, a 25% increase on the year, the report said.

The figures did not include exports by Iran’s small private sector mills which like other Iranian producers send the bulk of their products to Southeast Asia and the Middle East.

Iranian steel mills are monitoring the global market for any gap from falling Chinese exports in the wake of a coronavirus epidemic.

China is the world’s largest steel exporter, but overseas orders for Chinese steel are reportedly declining. According to S&P Global Platts, Turkish, Iranian and Russian are in a race to fill the gap in the market.

Iran’s industrial metals, specifically steel, are the latest target in the Trump administration’s maximum pressure campaign, but officials say the sector is unfazed and keeps growing.

In December, the US government launched the latest salvo in the campaign as it warned against exports of steel-making materials to Iran.

The US Department of State cautioned that those involved in transfers or exports to Iran of graphite electrodes and needle coke, which are essential materials for Iran's steel industry, were at risk of sanctions regardless of their nationality or location.

However, Iran’s Minister of Industry, Mine and Trade Reza Rahmani put the damper on Washington’s haughty grandstanding, saying Iranian producers had obtained the technology to make graphite electrodes.

Iran is a leading producer of steel in the world, with officials saying exports continue despite the US sanctions.


Iran says steel industry growing after US turns up sanctions heat
Iran’s industrial metals, specifically steel, are the latest target in the Trump administration’s maximum pressure campaign, but officials say the sector is unfazed and keeps growing.

The country plans to raise steel output to 55 million tonnes a year by 2025, of which 20 to 25 million tonnes would be earmarked for export.

Deputy Minister of Industry, Mine and Trade Jafar Serqini has said Iran currently has 35 million tonnes of steel production capacity. Iran’s steel exports will exceed 11 million tonnes this year, up 30 percent from 8.5 million tonnes last year, he says.

While Iran’s metals sector is facing the headwinds of the US sanctions, industry experts say the industry will continue to grow even in worst-case scenarios.
 

aryobarzan

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Iran’s steel exports soar 93% in Jan. after stiffer US sanctions
Wednesday, 12 February 2020 9:57 AM [ Last Update: Wednesday, 12 February 2020 10:17 AM ]


An Iranian takes stock of the products at a steel mill.
Stiffer US sanctions imposed on Iran’s steel industry late last year are failing to impact the sector which saw exports of the strategic metal jump 93 percent in January.

According to statistics released by Iranian mines and metals group IMIDRO, major producers exported 675,000 tonnes of steel in the first month of the year.

They also exported 5.88 million tonnes of finished and semi-finished steel in the first 10 months of the current Iranian year up to January 20, a 25% increase on the year, the report said.

The figures did not include exports by Iran’s small private sector mills which like other Iranian producers send the bulk of their products to Southeast Asia and the Middle East.

Iranian steel mills are monitoring the global market for any gap from falling Chinese exports in the wake of a coronavirus epidemic.

China is the world’s largest steel exporter, but overseas orders for Chinese steel are reportedly declining. According to S&P Global Platts, Turkish, Iranian and Russian are in a race to fill the gap in the market.

Iran’s industrial metals, specifically steel, are the latest target in the Trump administration’s maximum pressure campaign, but officials say the sector is unfazed and keeps growing.

In December, the US government launched the latest salvo in the campaign as it warned against exports of steel-making materials to Iran.

The US Department of State cautioned that those involved in transfers or exports to Iran of graphite electrodes and needle coke, which are essential materials for Iran's steel industry, were at risk of sanctions regardless of their nationality or location.

However, Iran’s Minister of Industry, Mine and Trade Reza Rahmani put the damper on Washington’s haughty grandstanding, saying Iranian producers had obtained the technology to make graphite electrodes.

Iran is a leading producer of steel in the world, with officials saying exports continue despite the US sanctions.


Iran says steel industry growing after US turns up sanctions heat
Iran’s industrial metals, specifically steel, are the latest target in the Trump administration’s maximum pressure campaign, but officials say the sector is unfazed and keeps growing.

The country plans to raise steel output to 55 million tonnes a year by 2025, of which 20 to 25 million tonnes would be earmarked for export.

Deputy Minister of Industry, Mine and Trade Jafar Serqini has said Iran currently has 35 million tonnes of steel production capacity. Iran’s steel exports will exceed 11 million tonnes this year, up 30 percent from 8.5 million tonnes last year, he says.

While Iran’s metals sector is facing the headwinds of the US sanctions, industry experts say the industry will continue to grow even in worst-case scenarios.
Fantastic....Iran has one of the largest iron deposits in the world..abundant cheap energy, low cost expert labour and above all a fantastic steel technology (see my Persian steel post).. this sector of Iran industry will outperform for many years...watch out china!!:victory:
 

SubWater

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Iran embarks on massive projects for domestic production of petcoke
Monday, 10 February 2020 2:58 PM [ Last Update: Monday, 10 February 2020 3:25 PM ]

Volume 80%


Iranian officials oversee signing of major deals for production of 700,000 tons of petcoke each year.
Senior Iranian government ministers and an economic aide to the Leader of the Islamic Revolution have attended a ceremony in the capital Tehran to kick-start a major project for domestic production of petroleum coke, a raw material highly needed in the country’s metals sector.

The IRIB News said in a Monday report that the two Iranian refineries had agreed to launch production for petcokes, including the needle and sponge types, for consumption in steel mills and aluminum smelters across the country.

The deals stipulate that the Bandar Abbas refinery in southern Iran would reach an output of 620,000 tons of sponge coke per year within the next two years while the Shazand refinery, located in central Iran, is expected to produce 70,000 tons of needle coke per year as soon as production starts in the facility, said the report.

Iran has been a major importer of cokes that are vastly used as fuels in the steel and aluminum industry.


Iran signs $1.4bn deal to develop two oilfields
Iran’s Oil Ministry oversees the signing of a major deal to develop two oilfields southeast of the country.

As part of the deals, the refineries will replace a bulk of their mazut production with petcokes, said Alireza Sadeqabadi, a deputy oil minister while adding that the production of sponge coke in Bandar Abbas would be two times the domestic demand for the raw material.

Sadeqabadi expressed hope the contracts signed on Monday would reach the engineering, procurement and construction phase in the next Iranian calendar year starting late March.

The signing ceremony was attended by Ali Aqamohammadi, who serves as the president of the economy group at the office of the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei.

Aqamohammadi said a main reason for launching petcoke production in Iran was the fact that the United States had imposed sanctions on Iran’s import of graphite electrode, the main heating element used in electric arc furnaces of the steel industry.
https://www.presstv.com/Detail/2020/02/10/618340/Iran-petroleum-coke-productions-deal-signing

 

SubWater

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Iranian companies ink 5,000-ton rail deal in blow to US sanctions
Saturday, 22 February 2020 11:28 AM [ Last Update: Saturday, 22 February 2020 11:44 AM ]


File photo shows railway lines being installed in Iran.
A deal has been signed between the Khatam-al Anbiya Construction Headquarters and the Isfahan Steel Company for the production of 5000 tons of railway lines as Tehran eyes to reduce dependency on foreign companies and cut dollar-related expenditures.

The deal was inked on Saturday during an exhibition of Iranian technological and engineering capabilities hosted by Khatam-al Anbiya in Tehran.

About 500 Iranian companies are taking part in the event. The deal is the first phase of a project seeking to provide railway lines for Iran’s Chabahar-Zahedan railway project.

Iran, situated in a strategic regional trade intersection hub, has sought to work with various countries such as Italy, France, Russia and China to further develop its expansive network of railway lines.

Many of these joint projects have not produced expected results or abandoned by their respective foreign partners largely due to Washington’s unilateral bans.


Companies complying with US anti-Iran sanctions not welcome back: Iran deputy FM
Iran

The Trump administration imposed economic sanctions against Iran after withdrawing from the 2015 Iran nuclear deal in May 2018.

Iran has since further sought to adapt to challenges imposed by the wide-sweeping bans by relying on its own domestic industry sector.

Cutting dollar-related expenditures

Speaking during the exhibition on Saturday, Iran's minister of industry, mine and trade said the country is set to save up to 10 billion dollars over the course of the next two years by replacing imported products with domestic alternatives.

Pointing to a sharp decline in Iran’s imports, Reza Rahmani added that Iran currently enjoys desirable production capabilities and can produce beyond its needs in certain industrial fields.

Rahmani also said that domestic industries have been successful in alleviating the country’s needs by taking over related production, pointing to recent domestic contracts related to electrode, aluminum and heavyweight vehicle tire production.

Also speaking during the exhibition, Saeed Mohammad, head of the Khatam-al Anbiya Construction Headquarters, said the construction group has been able to save up to 7 billion dollars by developing indigenous industrial equipment.

Mohammad called for further empowerment of the domestic production sector, adding that doing so would boost the country’s economy, reduce inflation and strengthen the Iranian currency.

Mohammad added that Iran’s enemies are seeking to dictate the country’s policies by endangering the economic livelihoods of the Iranian people.


President Rouhani: Terrorist US committing terrorism against Iran
Iran’s President Rouhani raps US sanctions against Iran, saying the restrictions amount to acts of terrorism.

He added that the development of a resilient economy is needed to properly address these attempts.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir

www.presstv.co.uk

www.presstv.tv
 

SubWater

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Iran’s 8-month metals export to Iraq, Turkey, Afghanistan neared $1.5bn: Report
Wednesday, 26 February 2020 7:31 PM [ Last Update: Wednesday, 26 February 2020 7:35 PM ]


Iran exported nearly $1.5 billion worth of metals and mining products to three neighbors till November.


A report shows that Iran’s total export of mining and metals products to three neighboring countries of Iraq, Turkey and Afghanistan reached nearly $1.5 billion in value terms in the eight-month period ending in late November 2019.

The report by IRNA agency showed that Iran exported some 8.5 million metric tons of metals and mining products to the three countries between March and November last year.

The report said that Iraq received more than 50 percent of the exports with 5.713 million tons worth nearly $798 million.

It added that Turkish imports from Iran reached 512,000 tons worth $393 million while exports to Afghanistan totaled 2.275 million tons with a value of $291 million.

Iran has seen a significant surge in activity in its mining and metals sector since the United States imposed a series of tough sanctions on the country’s sale of oil in November 2018.

Washington enacted bans on Iran’s trade of metals in May 2019, a year after it withdrew from a landmark international deal on the country’s nuclear program.


Iran’s proven mineral reserves total 50 billion tons: Minister
Iran’s minister of mines says total mineral reserves are now standing at 50 billion metric tons.

However, the sanctions targeting Iran’s lucrative metals trade have largely failed mainly because customers mostly prefer to have the shipments processed via third countries to avoid the bans.

The IRNA report said that Iran exported a total of $9.2 billion worth of various metals and mining products in the Persian calendar year ending in late March 2018.

The report said that shipments had exceeded 57 million tons in volume terms in the 12-month period, adding that it was steel that accounted for the bulk of the exports.

The Iranian mining sector and its downstream industries have created over half a million jobs with more than a fourth of them concentrated in mines across the country.

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.ir

www.presstv.co.uk

www.presstv.tv
 

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