The month-on-month data also declined by about 147%, India-based news, data and trading portal on global scrap commodities market Scrapregister.com reported.

Iran achieved a sharp growth in the last Iranian year that ended on March 20, 2017. China is the main destination for Iranian iron ore, as they export 94% of iron ore to China. But it is believed that growth is about to decline and will not attain the previous figures.

According to a trader, “At current prices, the cost of road transportation is more than the exporting prices of some grades of iron ore and it is almost impossible for the country’s northern mines to continue to export.”

The Iranian government announced in December 2016 that it planned to impose a 10% export duty on iron ore from March 2017. The plan has now been delayed to Sept. 2017.

Source: Financial Tribune