- Write by:
-
Friday, July 20, 2018 - 7:35:21 PM
-
1100 Visit
-
Print
Mining News Pro - Iran, the emerging steel market in MENA and World is likely to face US sanction on 6-Aug’18. US is cutting down all the possibilities of export and import trade with Iran. Recently, Russia and Kazakhstan have stepped back to do steel trade with Iran. The nations will be stopping HRC export to Iran over the prospects US reimposing sanctions on Iran.
The development indicates that despite protests from Russia, that unilateral US sanctions should not affect Russian companies, the steel companies are changing their behavior for fear of US sanctions. It is to be noted that coils are shipped to Iran by Russian steelmakers Severstal and MMK along with ArcelorMittal’s plant in Kazakhstan.
Iran was one of the major importer of Russian and Kazakhstani HRC during CY’17, as the nation imported around 0.42 MnT and 0.24 MnT of HRC respectively from these two exporters. Till May’18, Russia has already exported 0.11 MnT HRC to Iran.
Impact of HRC Supply Cut on Iran
As per local sources, recent development and steel capacity expansion in Iran has boosted local production which can easily replace the dependency on Russian and Kazakhstani HRC. Iran’s net HRC consumption during CY’17 was 5.6 MnT, out of which only 0.8 MnT were imported. The countries mostly exported HRC less than 2mm thick to Iran, which was not produced in there before.
Cut in imports should not have a big effect on Iran as in Jun’18, Iran’s largest flat steel producer Mobarakeh Steel Company (MSC) began commercial production of 1.8 mm HR coil, which will substantially reduce import dependence of the country for the less than 2 mm thick HR coil. The company claims that it will ramp up production to completely substitute imports within a year.
It can be clearly said that the impact of HRC cut from Russia and Kazakhstan will very negligible and Iran would easily replace the dependency on imports.
Short Link:
https://www.miningnews.ir/En/News/216951
Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by ...
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
Teck Resources Ltd expects to generate annual earnings before interest, depreciation, tax and amortization (EBITDA) of ...
The world’s largest zinc smelter is planning to significantly expand its copper output, taking advantage of growth ...
The state-run Chilean Copper Commission (Cochilco) will soon revise its copper price outlook, which will be considerably ...
Chilean mining giant Codelco is still working to meet its estimated output for the second quarter, CEO Ruben Alvarado ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
No comments have been posted yet ...