Iranian steel billet, slab market sources unfazed by new US sanctions; export prices rise

The United States has announced further sanctions on producers of Iranian steel and other metal products alongside foreign-based sales agents of an Iranian metals and mining holding company, but export steel billet and slab prices still rose this week with Iranian sources saying steel trade will be able to continue.

US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday January 5 placed sanctions on a China-based supplier of graphite electrodes, a key element in steel production, as well as 12 Iranian producers of steel and other metals products, and three foreign-based sales agents of a major Iranian metals and mining holding company.

The companies on whom sanctions were imposed are China’s Kaifeng Pingmei New Carbon Materials Technology Co (KFCC), Iran’s Pasargad...


Serife Durmus

January 06, 2021

15:43 GMT