Export duty implementation suspended in Iran

In a significant development, the Customs of the Islamic Republic of Iran has taken action in response to the recent approval of export duty adjustments for raw and semi-raw materials. The implementation of export duties on these materials has been suspended indefinitely. This decision follows the dramatic increase in export duty rates on steel billet, which surged from a mere 0.5% to a substantial 2%. Additionally, the decree introduced export duties of a whopping 20% for pellets and concentrates, making their export economically unviable in the face of current world market prices.

The suspension of export duty implementation reflects the government's responsiveness to the concerns raised by various sectors, especially those engaged in the export of steel billet, pellets, and concentrates. The Customs of Iran has stated that this suspension will remain in effect until further notice, allowing stakeholders time to assess the situation and adapt to the changing economic landscape.