FOCUS: Heightened US-Iran tensions fail to dampen Asian buyers’ appetite for Iranian steel

Escalating tensions between the United States and Iran have not affected appetite in Southeast Asia for Iranian steel products, sources told Fastmarkets.

Iran fired multiple missiles on at least two Iraqi military bases housing American forces earlier today, Wednesday January 8, in response to the killing of top Iranian military general Qasem Soleimani via a US drone attack at Iraq's Baghdad International Airport late last week.
Iran also announced following the US attack that it would no longer adhere to a 2015 nuclear agreement that imposed restrictions on uranium enrichment, amount of enriched uranium stockpiled as well as research and development activities.
The tit-for-tat strikes have further strained an already contentious relationship between the two countries, with both parties warning each other and their respective allies against any retaliatory action amid the latest round of conflict.
But most market participants believe that demand for Iranian steel is unlikely to wane as long as such materials are attractively priced when compared to those from other origins.

“Buyers are still interested in Iranian steel...

Published

Lee Ken Kiat

January 08, 2020

06:30 GMT

Singapore