Iran Increases Slab Imports

TEHRAN (FNA)- Iranian customs announced that the slab has become the second largest imported product of the country.

Gasoline is still the largest import product. From March to July in 2008, Iran imported a total volume of 120,000 tons of steel slabs.

The annual gross output of private steel rolling mills in Iran can be up to 10 million tons but the utilization ratio of production capability is only in 30%. Those private mills are often short of slab steel, because they don’t have enough finance to import large slab steel.

Following western sanctions, the mills and distributors in Iran must now use cash or letter of credit not form Iranian bank to purchase slab.