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Iran to boost billet supply to domestic market- -The 19th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
8/22/2017 压铸展-铸造展- Die-casting expo-foundry expo |
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Financial Tribune reported that Iranian government has asked domestic steel mills to allocate more billets to the domestic market where demand has increased significantly. A source in Tehran said that the request had been made, but said there was no immediate talk of banning billet exports. The sources said that officials from major steel producers, the Iran Mercantile Exchange and the producers’ association had attended a meeting organized by the Minister of Industries, Mining and Trade Mohammad Reza Nematzadeh to discuss the impact of billet price increases in the domestic market.
ISPA Vice President Hamidreza Taherizadeh was quoted as saying by Chilanonline that “The country’s steel industry has been instructed to allocate at least 50% of output to the domestic market through IME, and with a base price of an average of three international market indices. Exports will continue, although domestic demand will be a priority for billet producers. Re-rollers were waiting for the billet to become available and were also ready to import if the import duty on billet was removed and domestic producers were unable to cover their requirements.”
The import duty on billet is currently 15% and a 9% VAT is also payable.
The market reacted very quickly to the latest news. The Iran Mercantile Exchange said 5,000 tons of Khouzestan Steel Company’s billet were traded on the exchange on Wednesday at 19.8 million rials ($600/ton), down 3.4% from Monday.
It is not yet clear whether the billet import duty will be removed. Such a measure would take three to four weeks to be put into place, one market player in Tehran suggested.
压铸展-铸造展-2018第十九届广州国际压铸、铸造及工业炉展览会-中国最受关注的压铸铸造展会-巨浪展览-The 19th
Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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