Iranian government decided to cut some of the steel import duties

Recently, Iranian government decided to cut some of the steel import duties, and immediately implemented. Semi-finished steels such as billets are cut from 15% to 5%, hot rolled sheet from 20% to 15%, and hot rolled coils of thickness less than 3mm from 20% to 10%. Downward adjustment of steel import duty is unfavorable to steel producers, but it is welcomed by the downstream steel manufacturing industry, but they believes that the measure is not enough to reduce the import barriers, especially the manufacturing needs to import the thickness less than 3mm sheets.