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Iran implements steel export duty reductions to boost economy

The Iranian government has approved a reduction in export duties for raw and semi-finished goods

Iran implements steel export duty reductions to boost economy

During today's cabinet meeting, Behadri Jahromi, the government spokesperson, unveiled a pivotal decision aimed at bolstering economic growth and fostering domestic industries. The Iranian government has officially approved a reduction in export duties for raw and semi-finished  goods.

The amendment was promptly communicated to customs officials today, and with the government’s formal approval, these revised duties will take effect from beginning of the Iranian year (April).

Adjusted Export Duties During the same meeting on February 29th, the government specifically addressed export duties for items within the steel chain. Here are the new rates:

Magnetite Iron Ore: Remains unchanged at %20.
Hematite Iron Ore: A substantial reduction of 18 percentage points, now set at %2.
Iron Ore Concentrate: A 15 percentage point decrease, resulting in a duty of %5.
Iron Ore Pellet: Similar to hematite, a reduction of 18 percentage points, now at %2.
Sponge Iron: No change, maintaining a duty of %5.
Billets, Blooms, and Slabs: A minor decrease of 1 percentage point, now at %1.

The government aims to enhance competitiveness, encourage local production, and ensure a stable supply of essential materials. While the adjustments benefit exporters, they also contribute to strengthening the domestic market.

The government has emphasized that these duties are subject to periodic review and may be adjusted proportionally based on market .

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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