MSC requests Iran to reduce import duty on HRC, CRC Steel products-Shanghai Metals Market

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MSC requests Iran to reduce import duty on HRC, CRC Steel products

Industry News 09:34:34AM Nov 18, 2016 Source:Scrap Register

IRAN November 17 2016 3:42 PM
TEHRAN (Scrap Register): Mobarakeh Steel Co (MSC) has requested the Iranian government for a reduction import duty on Steel strip products by 25%, said company managing director to S&P Global Platts. The request to decrease the import duty for both hot and cold rolled coils to 15% from the current 20% is to support downstream industries, he added.

A highly protective policy is maintained by Iran towards its Steel industry and has imposed 15% import duty in place on semi-finished products, 20-26% for flat products (excluding stainless Steel) and 26% for most long products such as I-beams and H-beams.

In the first seven months of the Iranian year (up to October 20), Iran's Steel product imports rose by 3% compared to the previous year and reached about 2.57 million mt, as per customs statistics. As a result of the removal of sanctions and new projects in the oil, gas and petrochemicals sectors, demand for flat products and alloy Steel is expected to rise further in the country, as per Platts report.

Key Words:  Iran   HRC import duty 

Price

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62% Fe Fines (Qingdao Port): IOPI62
Apr.19
669.0
0.0
(0.00%)
62% Fe Fines (Qingdao Port, CFR Equiv.)
Apr.19
92.0
-0.2
(-0.20%)
58% Fe Fines (Qingdao Port): IOPI58
Apr.19
601.0
0.0
(0.00%)
58% Fe Fines (Qingdao Port, CFR Equiv.)
Apr.19
82.2
-0.2
(-0.19%)
65% Fe Fines (Qingdao Port): IOPI65
Apr.19
777.0
3.0
(0.39%)

MSC requests Iran to reduce import duty on HRC, CRC Steel products

Industry News 09:34:34AM Nov 18, 2016 Source:Scrap Register

IRAN November 17 2016 3:42 PM
TEHRAN (Scrap Register): Mobarakeh Steel Co (MSC) has requested the Iranian government for a reduction import duty on Steel strip products by 25%, said company managing director to S&P Global Platts. The request to decrease the import duty for both hot and cold rolled coils to 15% from the current 20% is to support downstream industries, he added.

A highly protective policy is maintained by Iran towards its Steel industry and has imposed 15% import duty in place on semi-finished products, 20-26% for flat products (excluding stainless Steel) and 26% for most long products such as I-beams and H-beams.

In the first seven months of the Iranian year (up to October 20), Iran's Steel product imports rose by 3% compared to the previous year and reached about 2.57 million mt, as per customs statistics. As a result of the removal of sanctions and new projects in the oil, gas and petrochemicals sectors, demand for flat products and alloy Steel is expected to rise further in the country, as per Platts report.

Key Words:  Iran   HRC import duty