{"id":787,"date":"2015-10-28T08:39:20","date_gmt":"2015-10-28T08:39:20","guid":{"rendered":"http:\/\/kjtehrani.com\/en\/?p=787"},"modified":"2016-07-22T08:41:47","modified_gmt":"2016-07-22T08:41:47","slug":"plans-to-triple-steel-production-capacity","status":"publish","type":"post","link":"https:\/\/kjtehrani.com\/en\/plans-to-triple-steel-production-capacity\/","title":{"rendered":"Plans to Triple Steel Production Capacity"},"content":{"rendered":"
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Competition in the global iron ore market has become so intense following a glut in low-cost supplies that Iranian exporters have abandoned efforts to court overseas sales. Instead, they are seeking $20 billion to develop the domestic steel industry that is expected to get a boost from the end of sanctions.<\/p>\n<\/div>\n

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\u201cIran plans to more than triple steel capacity to 55 million tons in the next 10 years, potentially helping consume 120 million tons of domestic ore,\u201d said Keyvan Jafari Tehrani, head of international affairs at the Iranian Iron Ore Producers and Exporters Association, wrote the weekly business magazine\u00a0Bloomberg\u2019s Businessweek.<\/p>\n

Instead of seeking to sell iron ore in China, Tehrani is in Asia\u2019s top economy to market made-in-Iran steel and court potential investors. Expanded access for overseas companies into the Iranian market is anticipated, following the country\u2019s deal with international powers in July to ease sanctions in exchange for limits on its nuclear program.<\/p>\n

The biggest iron ore miners have boosted low-cost output, seeking to increase sales, cut costs and win market share.<\/p>\n

The strategy spurred a glut, helping prices sink to the lowest since at least 2009 and increased pressure on less-efficient rivals like Iran.<\/p>\n

\u201cThere\u2019s no way we can compete with majors such as BHP and Vale,\u201d Tehrani says.<\/p>\n

Iranian exports to China are forecast to slump to 5-7 million tons in 2018 compared with 23.5 million tons two years ago, according to Tehrani, who added that the drop will not diminish the worldwide glut as the biggest mining companies will continue to add supply.<\/p>\n

Ore with 62% content delivered to Qingdao lost 22% this year to $55.30 a dry ton by September, according to Metal Bulletin. The material, which bottomed at $44.59 in July, retreated 47% in 2014 as the surplus built and demand growth slowed in China, the world\u2019s largest consumer.<\/p>\n

Goldman Sachs Group and HSBC Holdings have said there is a battle for survival in the seaborne market where only the most efficient miners are likely to last.<\/p>\n

Apart from Vale, BHP and Rio Tinto Group, the industry was facing an existential challenge, Goldman said in April.
\n\u201cA shortage of roads and railroads has added to miners\u2019 logistics costs in Iran,\u201d Tehrani said.<\/p>\n

\u201cEven shipping is uncompetitive, given small vessel sizes and loading rates that are a fraction of what other countries are capable of doing.\u201d<\/p>\n

Mehdi Karbasian, deputy minister of Iran\u2019s Ministry of Industries, Mining and Trade, told Bloomberg in August Iran has $29 billion of mining investments attracting the interest of companies from Europe to Asia.<\/p>\n

Karbasian also flagged the plan to increase steel capacity to 55 million tons by 2025.<\/p>\n

Tehrani said Iran\u2019s mining industry is looking forward to the end of sanctions, as the sector will be able to access global knowhow to upgrade technology that\u2019s 10 to 15 years old.<\/p>\n

\u201cAn upgraded mining sector can help Iran reduce reliance on oil income and unlock the nation\u2019s mineral wealth,\u201d he said. \u201cWe can reduce our reliance on steel imports, while supplying domestic demand and even be able to export 14 million tons of steel a year by 2025.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Source:\u00a0Financial Tribune<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Competition in the global iron ore market has become so intense following a glut in low-cost supplies that Iranian exporters have abandoned efforts to court overseas sales. Instead, they are seeking $20 billion to develop the domestic steel industry that is expected to get a boost from the end of sanctions. \u201cIran plans to more […]<\/p>\n","protected":false},"author":1,"featured_media":722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,21],"tags":[48,47],"acf":[],"yoast_head":"\nPlans to Triple Steel Production Capacity - Keyvan Jafari Tehrani<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kjtehrani.com\/en\/plans-to-triple-steel-production-capacity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Plans to Triple Steel Production Capacity - Keyvan Jafari Tehrani\" \/>\n<meta property=\"og:description\" content=\"Competition in the global iron ore market has become so intense following a glut in low-cost supplies that Iranian exporters have abandoned efforts to court overseas sales. 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