Iranian miners exported 12.44 million tons of mineral products worth $1.08 billion to China during the first seven months of the current fiscal year (March 21-Oct. 22), statistics released by Iranian Mines and Mining Industries Development Renovation Organization showed.<\/p>\n
This is while imports stood at 775,271 tons valued at $669.56 million, bringing Iran\u2019s mineral trade balance with China to positive territory. Iron ore was the main exported commodity in the seven-month period, standing at 10.47 million tons valued at $584.25 million.<\/p>\n
\u201cIran is currently the seventh largest iron ore supplier to China\u2014a three-step drop compared to its 2013 heyday,\u201d a member of the board and the head of international affairs at Iranian Iron Ore Producers and Exporters Association, Keyvan Jafari Tehrani, said.<\/p>\n
Tehrani said Iran\u2019s share of Chinese iron ore imports stood at 2.3-2.5% in 2013 while it exported 23.5 million tons, over 90% of which went to China.<\/p>\n
The official forecasts Iran\u2019s 2017 iron ore shipments to reach 17-17.5 million tons by the yearend, emphasizing that despite the 6-million-ton drop compared to 2013, the same 90% of it will go to China.<\/p>\n
Scales, however, are shifting in the Chinese market. Increasing demand for steel, among other mineral products, coupled with the intensification of China\u2019s environmental policies, has weakened domestic supply to new lows.<\/p>\n
This can clearly be witnessed in drastically reduced Chinese steel exports, as China\u2019s 150-million-ton steel shipments in 2016 dropped to less than half so far this year.<\/p>\n
China\u2019s anti-smog policies have also worked. Goldman Sachs estimates that the air quality of Beijing has improved 41% so far this year, Bloomberg reported on Wednesday.<\/p>\n
The backdrop of surging steel prices and lower output in China is a boon for mills, both on the mainland, which make up half the global supply, and beyond. This also includes Iranian mills, which have benefited in the process.<\/p>\n
\u201cThe current fiscal year is the very first time that the Chinese imported steel from Iran,\u201d Bahador Ahramian, a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture, said.<\/p>\n
Iran shipped 245,353 tons of steel products to China in the seven-month period worth $22.86 million.<\/p>\n
The industrial giant\u2019s steel exports to Iran still dwarf Iranian shipments, however. IMIDRO\u2019s statistics indicate that 519,645 tons of Chinese steel worth $434.4 million were imported during the period.<\/p>\n
Iran exported 29.6 million tons of minerals worth $3.89 billion during the seven-month period under review, registering a 21% rise in volume and a 15% rise in value compared with last year\u2019s corresponding period.<\/p>\n
Steel and its products accounted for a majority of export value. Iran exported 3.8 million tons of steel and its related products worth $1.63 billion, which indicate a 55% surge in tonnage and a 10% rise in value.<\/p>\n
Mineral imports during the period stood at 3.5 million tons worth $2.27 billion, registering a 28% and 17% decline in quantity and value respectively.<\/p>\n
Steel products were the main imported mineral commodity. As much as 2.6 million tons of the products worth $1.6 billion were imported, indicating a 3% increase in weight and a 6% decline in value.<\/p>\n