World Politics
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Steel industry | bazaar
Posted
May 31, 2020
Views
68
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May 31, 2020
68
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25:01Now PlayingGiven Iran's advantages in steel production, the steel industry and its complete value chain are considered one of the strategic industries for Iran's 2025 Vision Plan where steel production is expected to hit 55 million tonnes in the next five years.
Iran produced 31.9 million tonnes of crude steel during 2019, this is in relation to 2018 with a production of nearly 24 million tonnes.
Going off of the World Steel Association's statistics, Iran became the worlds tenth-largest steel producer in 2018.
In 2019, the Ministry of Industries, Mining and Trade imposed a 20-25 percent duties tariff on the export of unprocessed minerals including iron ore.
Last year the country exported over 7.8 million tonnes of iron ore in the first six months alone.
But why did Iran place export tariffs on raw minerals and materials such as iron concentrates? One answer to this question is that, while Iran has large quantities of raw material necessary for productions in other industries, the export value for raw material is relatively low.
So, value added to raw material, more often than not, increases the value and profit margin of the product when exported.
Last year Iran produced over 39.5 million tonnes of iron ore concentrates in the first ten months of its year alone.
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