Iran’s export of mineral products in the last fiscal year (ended March 20, 2021) stood at 55 million tons worth $7.6 billion, latest data released by the Iranian Mines and Mining Industries Development and Renovation Organization show.
Iran’s minister of industries says the government has no plan to revise a series of tariffs imposed on exports of raw metals as the government seeks to gain more revenues through the export of finished products that could generate more added value for the country.
The CEO of the National Iranian Copper Industry Company (NICICO) has said that for a first time in the country’s history the sector is facing a higher demand than current supply and output levels despite a series of American sanctions that seek to stifle Iran’s lucrative trade of metals.
A new report shows that Iran’s export of various metals and mining products to China have significantly increased this year amid government efforts to broaden its access to new sources of hard currency at a time of increased American pressure on the oil industry.
The US government slapped sanctions on Iranian metals and some mining industry as part of its campaign to cut Iran’s non-oil revenues. But, this S&P Global Platts factobox shows such measures will have very marginal impact on the country’s sectors.
Recent punitive measures on Iranian meals and minerals is not expected to yield desired results as the sectors have previously been under US sanctions.
An executive order by Donald Trump about sanctioning exports of several Iranian metals will have very little impact and is nothing new for the Iranian producers.
Stones, clay, bricks, tiles and carbon are the most favoured raw materials that Ankara bought from Iran during the April-November period.