Iran bans export of steel slabs, sheets until May 30

Iran has imposed a ban on the export of steel slabs and sheets until May 30, a decision taken amid strikes on the country’s steel industry during the conflict with Israel and the United States.

Around 10 million tons of annual steel production capacity — accounting for 25% to 30% of the country’s total output — has reportedly been taken offline due to damage to key facilities, Caliber.Az reports, citing Reuters.

Major producers, including Mobarakeh Steel Company and Khuzestan Steel Company, were affected during the conflict.

The disruptions have triggered ripple effects across the construction, automotive, and infrastructure sectors.

A member of Iran’s Chamber of Commerce said the steel sheet market is expected to stabilise within two months, as imports are expected to offset shortages and curb speculative demand.

Earlier in April, a deputy director of Khuzestan Steel Company said it could take between six and twelve months to restore operations following damage to facilities.

Steel is one of Iran’s main non-oil exports, and the loss of production and export capacity could negatively affect the country’s trade balance and foreign currency inflows, while also risking a loss of global market share.

The damage is also expected to have broader economic consequences, including potential job losses and increased inflationary pressure.

By Bakhtiyar Abbasov