Iran's Steel Output Declines by 10%
Anew report by the Iranian Steel Producers Association shows Iranian steelmakers produced a total of 18.53 million tons of semi-finished products during the first eight months of the current fiscal year (March 21-Nov. 21), down 10% year-on-year.
According to ISPA, billet and bloom made up 10.96 million tons of total semi-finished production, down 15% YOY.
Slab output reached 7.57 million tons to register a 2% decline year-on-year.
The output of finished steel decreased by 8% YOY to 12.82 million tons.
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Anew report by the Iranian Steel Producers Association shows Iranian steelmakers produced a total of 18.53 million tons of semi-finished products during the first eight months of the current fiscal year (March 21-Nov. 21), down 10% year-on-year.
According to ISPA, billet and bloom made up 10.96 million tons of total semi-finished production, down 15% YOY.
Slab output reached 7.57 million tons to register a 2% decline year-on-year.
The output of finished steel decreased by 8% YOY to 12.82 million tons.
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Iran's Trade With ECO Soars 44% to $10.4 Billion in 8 Months
Trade between Iran and Economic Cooperation Organization’s nine members stood at 21.78 million tons worth $10.45 billion in the current fiscal year’s first eight months (March 21-Nov. 21), registering a 34% and 44% year-on-year growth in weight and value respectively, according to Rouhollah Latifi, spokesman of the Islamic Republic of Iran Customs Administration.
Iran’s exports stood at 18.63 million tons worth $6.82 billion, up 46% and 54% in weight and value respectively YOY, ILNA reported.
Turkey with 11.35 million tons (up 123% YOY) worth $3.77 billion (up 128% YOY), Afghanistan with 3.06 million tons (down 35%) worth $1.27 billion (down 16%) and Pakistan with 1.87 million tons (up 22%) worth $764.39 million (up 28%) were the top three export destinations in the period.
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Trade between Iran and Economic Cooperation Organization’s nine members stood at 21.78 million tons worth $10.45 billion in the current fiscal year’s first eight months (March 21-Nov. 21), registering a 34% and 44% year-on-year growth in weight and value respectively, according to Rouhollah Latifi, spokesman of the Islamic Republic of Iran Customs Administration.
Iran’s exports stood at 18.63 million tons worth $6.82 billion, up 46% and 54% in weight and value respectively YOY, ILNA reported.
Turkey with 11.35 million tons (up 123% YOY) worth $3.77 billion (up 128% YOY), Afghanistan with 3.06 million tons (down 35%) worth $1.27 billion (down 16%) and Pakistan with 1.87 million tons (up 22%) worth $764.39 million (up 28%) were the top three export destinations in the period.
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Domestic Airport Traffic Surveyed
Domestic passenger traffic in Iranian airports registered a year-on-year growth of 13% during the current fiscal year’s first eight months (March 21-Nov. 21), as 17.19 million passengers were flown internally by Iranian airlines during the period.
Data released by Iran Airports Company also show takeoffs and landings posted a 27% YOY growth to 209,334.
Over 139.83 million tons of cargos were shipped during the period under review, marking a 25% year-on-year growth.
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Domestic passenger traffic in Iranian airports registered a year-on-year growth of 13% during the current fiscal year’s first eight months (March 21-Nov. 21), as 17.19 million passengers were flown internally by Iranian airlines during the period.
Data released by Iran Airports Company also show takeoffs and landings posted a 27% YOY growth to 209,334.
Over 139.83 million tons of cargos were shipped during the period under review, marking a 25% year-on-year growth.
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Iran Rolls Out Boosters for Over 18s to Avert New Virus Surge
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H1 GDP Growth at 3.3%: Iran's CB
Iran’s gross domestic product grew by 3.3% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period, the Central Bank of Iran reported on Tuesday.
Putting the H1 GDP volume at 75,305 trillion rials ($251 billion at the exchange rate of 300,000 rials per dollar), the CBI says the economy expanded by 2.4%, excluding crude oil production.
The services and oil sectors grew by 5.7% and 15.1% respectively while agriculture contracted by 2% and so did “industries and mines” by 1.9%.
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Iran’s gross domestic product grew by 3.3% in the first half of the current fiscal year (March 21-Sept. 22) compared with last year’s corresponding period, the Central Bank of Iran reported on Tuesday.
Putting the H1 GDP volume at 75,305 trillion rials ($251 billion at the exchange rate of 300,000 rials per dollar), the CBI says the economy expanded by 2.4%, excluding crude oil production.
The services and oil sectors grew by 5.7% and 15.1% respectively while agriculture contracted by 2% and so did “industries and mines” by 1.9%.
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IPO to Announce Mega PGPIC Privatization Plan
The Iranian Privatization Organization has finalized plans to divest the remaining government shares in the Persian Gulf Petrochemical Industries Company (PGPIC), the IPO chief said.
Citing the outcome of a meeting of the ad hoc divestment committee, Hossein Qorbanzadeh said the IPO will officially announce terms of the divestiture in the coming days, according to shada.ir, the news agency of the Economy Ministry.
“The shares will be offered in three blocks,” he said without elaboration. “The company is a big player with several subsidiaries and controls almost 40% of the country’s petrochemical industry”.
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The Iranian Privatization Organization has finalized plans to divest the remaining government shares in the Persian Gulf Petrochemical Industries Company (PGPIC), the IPO chief said.
Citing the outcome of a meeting of the ad hoc divestment committee, Hossein Qorbanzadeh said the IPO will officially announce terms of the divestiture in the coming days, according to shada.ir, the news agency of the Economy Ministry.
“The shares will be offered in three blocks,” he said without elaboration. “The company is a big player with several subsidiaries and controls almost 40% of the country’s petrochemical industry”.
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Iran's Transactions With Caspian States Exceed $2 Billion in Eight Months
Iran's trade (excluding crude oil exports) with Caspian Sea littoral states reached 4.88 million tons worth $2.12 billion during the first eight months of the current fiscal year (March 21-Nov. 21), according to new data released by the Islamic Republic of Iran Customs Administration.
Russia was Iran’s main trading partner among the neighboring countries with 2.96 million tons worth $1.37 billion. It was followed by Azerbaijan with 571,323 tons worth $365.03 million, Turkmenistan with 926,113 tons worth $229.98 million and Kazakhstan with 429,382 tons worth $150.35 million.
Iran’s exports hit 2.46 million tons worth $1.03 billion.
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Iran's trade (excluding crude oil exports) with Caspian Sea littoral states reached 4.88 million tons worth $2.12 billion during the first eight months of the current fiscal year (March 21-Nov. 21), according to new data released by the Islamic Republic of Iran Customs Administration.
Russia was Iran’s main trading partner among the neighboring countries with 2.96 million tons worth $1.37 billion. It was followed by Azerbaijan with 571,323 tons worth $365.03 million, Turkmenistan with 926,113 tons worth $229.98 million and Kazakhstan with 429,382 tons worth $150.35 million.
Iran’s exports hit 2.46 million tons worth $1.03 billion.
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New Fund to Help Boost Provincial Development
The government is set to create a new fund to boost investment in development projects in the provinces.
The new fund is forecast in the March 2022-23 budget, according to a press release seen on the Planning and Budget Organization’s (PBO) website.
If established, this would the first of its kind and is said to be an initiative of President Ebrahim Raisi dubbed as the ‘Progress and Justice Fund.’
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The government is set to create a new fund to boost investment in development projects in the provinces.
The new fund is forecast in the March 2022-23 budget, according to a press release seen on the Planning and Budget Organization’s (PBO) website.
If established, this would the first of its kind and is said to be an initiative of President Ebrahim Raisi dubbed as the ‘Progress and Justice Fund.’
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Pilot Gasoline Project Launched in Qeshm, Kish
Apilot scheme has been launched on the islands of Kish and Qeshm in the Persian Gulf for selling gasoline, whereby it will be allocated to people whether they have a car or not, a member of Majlis Energy Commission said.
“As per the new plan, each resident of the two islands with a national code will receive 30 liters of gasoline per month at a rate of 8 cents per liter, regardless of the fact that they own a car or not,” Fereydoun Abbasi-Davani was also quoted as saying by ILNA.
The lawmaker noted that the government has no intention to raise gasoline prices and if the pilot project yields positive results, it will be carried out nationwide.
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Apilot scheme has been launched on the islands of Kish and Qeshm in the Persian Gulf for selling gasoline, whereby it will be allocated to people whether they have a car or not, a member of Majlis Energy Commission said.
“As per the new plan, each resident of the two islands with a national code will receive 30 liters of gasoline per month at a rate of 8 cents per liter, regardless of the fact that they own a car or not,” Fereydoun Abbasi-Davani was also quoted as saying by ILNA.
The lawmaker noted that the government has no intention to raise gasoline prices and if the pilot project yields positive results, it will be carried out nationwide.
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Tehran Stocks Show Uncommon Resilience, Rise 5% in One Week
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Iran's Inflation Downtrend Persists
Data released by the Statistical Center of Iran show the annualized inflation has maintained downtrend for the third consecutive month.
The average goods and services Consumer Price Index in the 12-month period ending Dec. 21 increased by 43.4% compared with the corresponding period of the year before.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Nov. 21, at 44.4%.
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Data released by the Statistical Center of Iran show the annualized inflation has maintained downtrend for the third consecutive month.
The average goods and services Consumer Price Index in the 12-month period ending Dec. 21 increased by 43.4% compared with the corresponding period of the year before.
SCI had put the average annual inflation rate for the preceding Iranian month, which ended on Nov. 21, at 44.4%.
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IME Monthly Trade at $2.2 Billion
Goods and commodities worth an estimated 665 trillion rials ($2.2 billion) were sold in the spot market of the Iran Mercantile Exchange in the last calendar month that ended on Dec. 21.
In value terms trade dropped slightly by 5% on monthly basis and the volume too was down 6%, according to data seen on the IME’s website.
IME is a commodities exchange in Tehran founded in 2006 to host deals in farm, industrial and petrochemical products in the spot and futures markets.
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Goods and commodities worth an estimated 665 trillion rials ($2.2 billion) were sold in the spot market of the Iran Mercantile Exchange in the last calendar month that ended on Dec. 21.
In value terms trade dropped slightly by 5% on monthly basis and the volume too was down 6%, according to data seen on the IME’s website.
IME is a commodities exchange in Tehran founded in 2006 to host deals in farm, industrial and petrochemical products in the spot and futures markets.
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Iran's Trade With Africa Tops $770m in Eight Months
Trade between Iran and African countries stood at 1.73 million tons worth $773 million during the current Iranian year’s first eight months (March 21-Nov. 21).
Ghana with 450,793 tons worth $273.03 million, South Africa with 403,901 tons worth $149.47 million, Nigeria with 197,966 tons worth $84.82 million, Algeria with 95,380 tons worth $66.61 million and Kenya with 125,400 tons worth $51.13 million were the main trade partners during the period.
Data released by the Islamic Republic of Iran Customs Administration show Iran exported 1.69 million tons of goods worth $741.21 million to the African continent during the period while imports amounted to 38,831 tons worth $31.79 million.
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Trade between Iran and African countries stood at 1.73 million tons worth $773 million during the current Iranian year’s first eight months (March 21-Nov. 21).
Ghana with 450,793 tons worth $273.03 million, South Africa with 403,901 tons worth $149.47 million, Nigeria with 197,966 tons worth $84.82 million, Algeria with 95,380 tons worth $66.61 million and Kenya with 125,400 tons worth $51.13 million were the main trade partners during the period.
Data released by the Islamic Republic of Iran Customs Administration show Iran exported 1.69 million tons of goods worth $741.21 million to the African continent during the period while imports amounted to 38,831 tons worth $31.79 million.
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Businesses Concerned About Liquidity Crunch After Lifting of Forex Subsidies
The reported government move to eliminate forex subsidies for import of basic goods would pose importers with new liquidity problems, businesspeople say.
The government has called for putting an end to the controversial currency subsidies in the draft 2022-23 budget it presented to the parliament last week.
In 2018 the former government subsidized currency for importing food and other basic goods selling the US dollar for 42,000 rials. This rate is less than a seventh of the price in the open market where the greenback buys 300,000 rials.
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The reported government move to eliminate forex subsidies for import of basic goods would pose importers with new liquidity problems, businesspeople say.
The government has called for putting an end to the controversial currency subsidies in the draft 2022-23 budget it presented to the parliament last week.
In 2018 the former government subsidized currency for importing food and other basic goods selling the US dollar for 42,000 rials. This rate is less than a seventh of the price in the open market where the greenback buys 300,000 rials.
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Large Caps Lead TSE Rally
Tehran’s stock market opened trading week Saturday on a relatively stronger note, extending a winning streak into the fourth session.
The main gauge of Tehran Stock Exchange, TEDPIX, gained 26,503.70 points or 1.95% to end trade at 1,385,528.
As in the past sessions, the rally was led by blue chips and large caps with small caps struggling as laggards.
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Tehran’s stock market opened trading week Saturday on a relatively stronger note, extending a winning streak into the fourth session.
The main gauge of Tehran Stock Exchange, TEDPIX, gained 26,503.70 points or 1.95% to end trade at 1,385,528.
As in the past sessions, the rally was led by blue chips and large caps with small caps struggling as laggards.
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Iran Will Not Exceed 60% Uranium Enrichment
Head of the Atomic Energy Organisation of Iran Mohammad Eslami said Tehran does not intend to exceed the 60% level of uranium enrichment even if the parties to the negotiations in Vienna do not come to an agreement and the United States does not lift its sanctions.
Eslami said “No” when asked in an interview with Sputnik whether Iran will exceed 60% uranium enrichment if the parties fail to return to the Joint Comprehensive Plan of Action.
He stressed that Tehran’s nuclear program aims to support the country’s industrial production needs, as well as the needs of Iranian consumers for certain goods.
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Head of the Atomic Energy Organisation of Iran Mohammad Eslami said Tehran does not intend to exceed the 60% level of uranium enrichment even if the parties to the negotiations in Vienna do not come to an agreement and the United States does not lift its sanctions.
Eslami said “No” when asked in an interview with Sputnik whether Iran will exceed 60% uranium enrichment if the parties fail to return to the Joint Comprehensive Plan of Action.
He stressed that Tehran’s nuclear program aims to support the country’s industrial production needs, as well as the needs of Iranian consumers for certain goods.
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Banks Told Not to Raise Interest Rates
The Central Bank of Iran has again called on banks to observe regulations governing interest on deposits.
Lenders must pay 10%-18% on term deposits as per rules approved by Money and Credit Council, the top monetary and banking decision-making body, the CBI news website said.
“However, it has been seen that some banks and credit institutions pay higher rates on individual deposits, particularly on money from investment funds,” the CBI noted.
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The Central Bank of Iran has again called on banks to observe regulations governing interest on deposits.
Lenders must pay 10%-18% on term deposits as per rules approved by Money and Credit Council, the top monetary and banking decision-making body, the CBI news website said.
“However, it has been seen that some banks and credit institutions pay higher rates on individual deposits, particularly on money from investment funds,” the CBI noted.
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Iranian Commercial Ports’ Throughput Registers 15 Percent Increase
Data released by Ports and Maritime Organization of Iran show growth in the activity of Iranian ports.
Iran’s 22 major commercial ports in the north and south of the country handled 109.09 million tons of container goods, dry and liquid bulk commodities, general cargo and oil products during the first nine months of the current fiscal year (March 21-Dec. 21), registering a 15.2% rise compared with the similar period of last year, latest data released by PMO show.
The volume of container throughput during the period stood at 1.48 million TEUs weighing 17.19 million tons, dry bulk at 35.01 million tons, liquid bulk at 3.05 million tons, general cargo at 15.25 million tons and oil products at 38.59 million tons to register a respective growth rate of 7%, 11.5%, 16%, 21%, 10.7% and 17.1% compared with the corresponding period of last year.
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Data released by Ports and Maritime Organization of Iran show growth in the activity of Iranian ports.
Iran’s 22 major commercial ports in the north and south of the country handled 109.09 million tons of container goods, dry and liquid bulk commodities, general cargo and oil products during the first nine months of the current fiscal year (March 21-Dec. 21), registering a 15.2% rise compared with the similar period of last year, latest data released by PMO show.
The volume of container throughput during the period stood at 1.48 million TEUs weighing 17.19 million tons, dry bulk at 35.01 million tons, liquid bulk at 3.05 million tons, general cargo at 15.25 million tons and oil products at 38.59 million tons to register a respective growth rate of 7%, 11.5%, 16%, 21%, 10.7% and 17.1% compared with the corresponding period of last year.
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