Iran issues new regulations to restrict steel exports

The Iranian government recently imposed new restrictions on steel exports, requiring exporters to obtain an export license issued by the Ministry of industry, mine and trade before exporting.

According to the latest restrictions, all Iranian steel producers must give priority to meeting domestic demand on the Iranian commodity exchange (IME) platform before being allowed to export.

The new restrictions are aimed at reducing the country's steel exports. But producers say domestic steel consumption has fallen by about 3% in the past year and is unlikely to rise significantly in the short term given the impact of the new crown.

Iranian steelmakers are generally unhappy with the new rules. They expect production to fall as a result and ask the government to revise the decision.

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