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Iran cuts import duties on semis, strip steel products

Perth — The Iranian government has decreased the import duties on different steelproducts with immediate effect, according to a recent official notice.

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For semi-finished steel the duty was reduced from 15% to 5%, while mosthot rolled strips saw duties reduced from 20% to 15%. For HRC below 3 mmthick, the duty was halved from 20% to 10%.

The reduction was, however, not enough, Iran Syndicate of Steel Pipe &Profile Manufacturers General Secretary Amir Hossein Kaveh said on Monday.

"The import duty of 10% is still a barrier to improving importavailability considering the downstream industries need to import a portion oftheir required steel -- especially for low thickness strips," Kaveh said.

Iran's steel imports were slow now as a result of the high duties and theweaker currency in the last two months, he added. Producers are, however, nothappy with the reduction in import duties.

Iran imported 1.2 million mt of finished steel over the first sevenmonths of the current Iranian year (April-October), according to the IranianSteel Producers' Association, down a third from the same period of last year.It imported 26,000 mt of semi-finished products during the same period, down83% year on year, ISPA added.

--Reza Zaer, newsdesk@spglobal.com

--Edited by E Shailaja Nair, shailaja.nair@spglobal.com