Iran Mineral Trade Surplus at $4.4b Over 10 Months

EghtesadOnline: Iran's mineral trade recorded a $4.46 billion surplus in the 10 months to January 20.

News ID: ۷۴۶۷۶۳

24 February 2019

The country exported 45.95 million tons of mineral products worth over $7.48 billion during the period, down 7% in tonnage and up 2% in value compared with last year's corresponding period.

Imports stood at 3.1 million tons worth $3.01 billion, down 39% in tonnage and 31% in value year-on-year, the latest report released by the Iranian Mines and Mining Industries Development and Renovation Organization shows.

IMIDRO's previous report showed Iran registered $4.74 billion in mineral trade surplus for the nine months to Dec. 21, Financial Tribune reported.

Mineral exports had a 48% share in tonnage and 21% in value of Iran’s total exports during the 10-month period, while mineral imports had a 13% and 9% share in tonnage and value of Iran’s total imports respectively during the period.

Steel Tops List of Traded Commodities

Semi-finished and finished steel products took the lion’s share of exports in terms of value as about 7.59 million tons worth about $3.46 billion were shipped overseas, up 3% and 24% YOY in volume and value respectively.

The category of "other mineral products" came second with about 7.89 million tons worth about $1.16 billion. The volume and value of shipments grew 17% and 18% respectively YOY.

Copper and downstream products came third with 263,000 tons worth about $654 million, down by 56% in tonnage and up by 3% in value YOY.

Iron ore concentrate followed with about 5.55 million tons valued at about $398 million, up 1,122% and 966% in tonnage and value respectively YOY.

Other exported mineral commodities from Iran during the period were cement with 11.39 million tons worth $373 million, stones with 4.83 million tons worth $294 million, metals with 158,000 tons worth $245 million, zinc with 102,000 tons worth $206 million, iron ore (fines/lumps) with 7.2 million tons worth $203 million, aluminum with 80,000 tons worth $154 million, lead with 88,000 tons worth $111 million, coal and coke with 408,010 tons worth $67.79 million, ferroalloy with 40,360 tons worth $60.13 million, chrome with 266,58 tons worth $44.92 million and molybdenum with 2,430 tons worth $25.27 million.

Pottery and bricks with 70,260 tons worth $9.27 million, titanium with 110 tons worth $0.23 million, mining equipment with 80 tons worth $0.17 million, precious metals with 50 tons worth $0.14 million, antimony with 70 tons worth $0.14 million, alumina powder with 100 tons worth $0.13 million, mica with 60 tons worth $0.04 million and nickel with 10 tons worth $0.02 million were other major mineral export commodities.

As for imports, steel had the largest share among Iran's imports of mineral products during the 10 months in terms of value, as 1.15 million tons worth $1.12 billion were imported, down 55% and 40% in tonnage and value respectively YOY.

The category of "other mineral products" came second with 559,350 tons worth $490.56 million, down 34% in volume and 27% in value YOY.

Mining equipment was next with 19,720 tons worth $95.72 million, down 33% in tonnage and up 3% in value YOY.

Other imported commodities included aluminum with 96,280 tons worth $182.95 million, ferroalloys with 141,080 tons worth $177.24 million, coal and coke with 551,410 tons worth $167.34 million, alumina powder with 280,200 tons worth $160.02 million, metals with 58,880 tons worth $148.3 million, titanium with 40,340 tons worth $120.34 million, pottery and bricks with 30,550 tons worth $92.59 million, lead with 10,990 tons worth $27.89 million, cement with 36,630 tons worth $27.68 million and zinc with 89,800 tons worth $26.73 million.

Stones products with 33,570 tons worth $34.35 million, nickel with 1,210 tons worth $19.72 million, copper and downstream products with 1,650 tons worth $14.78 million, chrome with 2,590 tons worth $6.2 million, antimony with 260 tons worth $2.67 million, molybdenum with 70 tons worth $0.95 million, $0.95 million worth of precious stones and mica with 690 tons worth $0.51 million constituted other major mineral imports.

Iran is home to 68 types of minerals with more than 37 billion tons of proven reserves and 57 billion tons of potential reserves.

According to the United States Geological Survey, Iran holds the world's largest zinc, ninth largest copper, 10th largest iron ore, fifth largest gypsum and barite, and 10th largest uranium reserves.

Overall, Iran is home to more than 7% of global mineral reserves.