With the downtrend in the global steel market having continued to gain momentum, Iran-based steel suppliers have had no other option than to lower their prices in order to be competitive in the export market. With prices having reached their low levels in the latest tenders, the time has come for Iranian authorities to revise the export duties in accordance with the provisions of announcement declared by the deputy minister at the Iranian Ministry of Industries and Mines in Iran on April, 11.

The rate of export duty for billet in Iran has declined to 2 percent from 11 percent valid previously, as the current export prices for ex-Iran steel billet are higher by nine percentage points than levels fixed in December 2021,  which have been taken as the base price. Meanwhile, the export duties for reinforcing bar is temporarily absent. It is noteworthy that the rates of export duty are not fixed, however are in direct connection with the gap between the current prices and prices fixed in December 2021.