Posted on 08 Feb 2024
The Iranian government has approved the Economic Commission's proposal to reduce export duties for steel-making raw materials and semi-finished steel, notes Kallanish.
The tariffs dropped on iron ore pellets from 20% to 1%, on iron ore concentrate from 20% to 5% and on direct reduced iron from 15% to 12%. In the semi-finished segment for slabs and billets, it was recommended that export duties be halved to 1%, Kallanish learned from reputable sources. The decree has yet to be sent to the customs office.
It is also expected that once the current high stocks of iron ore pellets are sold down, the export duty will be increased from 1% to 7-10%, an insider opines.
It is still being determined whether the reduction would include export duty deposits from previous periods that exporters had submitted as bank guarantees.
"An applaudable step in the right direction," says one reputable trader.
Source:Kallanish
