Complex Made Simple

Iran increases iron exports to China, India

Iran is boosting its exports of iron ore and iron products to China and India, in a bid to replace at least a small part of the massive revenue that has been lost due to sanctions on its oil sales, Reuters has reported. Iron ore exports have grown by more than 60% during the last few years to an annual rate of about 25 million tonnes, worth about $3bn a year at current prices, the report said. It has overtaken India to become the fourth-largest iron ore supplier to China in the last year. According to Chinese customs figures, Iran's exports to the world's top iron ore consumer rose 35% to 13.4 million tonnes in the seven months to July. "We're selling more iron to India and China," said an Iranian industry source on condition of anonymity. "No money is coming directly to Iran because of the issues with currency [trading in dollars], so in some cases there are some barter deals, otherwise cargoes are paid mostly with cash."