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Iran issues new regulations to restrict steel exports

Recently, the Iranian government has imposed new restrictions on steel exports, requiring all steel producers to give priority to Iranian domestic demand on the platform of the Iran Commodity Exchange (IME) before exporting, and to obtain an export license issued by the Ministry of industry, mining and trade of Iran.

According to the restriction, all Iran's screw steel and I-beam producers must ensure that 60% of their production is supplied to the domestic market through the Iran commodity exchange and that the export volume accounts for no more than 25%. In the next few weeks, the Iranian government will put forward requirements for specific sales channels for the remaining 15% of production.

It is understood that for some time, Iran's domestic steel market price is at an unreasonable high. The restriction aims to increase domestic steel supply by reducing Iran's steel exports, so as to stabilize domestic steel prices.

However, it is understood that domestic steel demand in Iran is not high. In 2019, novel coronavirus pneumonia epidemic in Iran was expected to decline by about 3% compared with the same period last year. It is estimated that the domestic steel consumption in Iran is unlikely to increase significantly this year.

Novel coronavirus pneumonia is widely dissatisfied with Iran steel producers. It is considered that the impact of the export restrictions on the new crown pneumonia epidemic will impact the export oriented Iran steel industry. Iran's steel production is expected to decline as a result.